All Forum Posts by: Dave Skow

@Dave Naphy- yes - you can use a HELOC for down payment funds ...make sure you tell your lender your plans so that they can factor in the accurate HELOC payment information into your qualification ratios .....some lenders will use the actual heloc payment and some lenders will use a percentage of the line amount so make sure

@Jefferson Black- thanks ..based on the post I am not sure if the MH is your primary home or an investmenet property ?? if its an investmenet property - there are not many ( if any) lenders doing regular or DSCR loans on rental MH homes

@Sam N.- thanks ...try reaching out to the local small to mid size  credit unions and banks in NJ ...contact the bank you  have your checking / savings with ...contact the lender that services your 1st mortgage for options .....regarding deprication - are you asking about the depriciation on the  primary home ( subject property ) being added in or  for the depriation from another property ?

@John Currey- are you trying to buy a resedential investment property or a  commercial property ?  ( commercial property is  >  4 unit or a business  type property ) .....if you are trying to buy a rental home ...with that  income / debt / credit profile  and a  large enought down payment - it appears qualifying should be OK 

@Kendall Jackson- thanks ...you should get pre approved for a hypotehtical purchase scenario for an investment property so that you can  1) educate yourself 2) get organized  3) determine if you are able to qualify 

@Rahul P.  thanks ...if you havent already  done so - get a formal loan pre approval completed to make sure you have the financing needed for your plans 

@Shiwei Qu- thanks ...there are many great opportunities  in OH  due to the price ranges and demand froms renters ....its best to try to have some representation  or  assisztance  in whatever areas that you buy in  ( relator / property manager / insurance agent / contractors etc ..) 

@Alexander Robert Wondoloski- thanks - there should be no prepayment penalty on his Mothers FHA loan . interst is charged on the loan through the date its paid off ....she could contact present lender and ask for a " payoff statement " using a date in the future

@Cheryl A Perna- thanks ...the proeprty will need to be a condo as there are no SFRs in the downtown area you mention ...condo market in seattle is much softer than the SFR market right now ...its a buyers market with many units for sale ...the price ranges are still high and if you want to try to break even with renting it part time - it may be tough to do especially when factoring HOA dues into it . Some HOAs will limit the units that can be rented ...connect with a condo specialist realtor and you should get a good idea of whats possible ...if you will need a loan - get pre approved ...loan pricing for a 2nd home is similar to pricing for a rental property

@Bruce Ng- thanks 1) are you planning to pay the seller the difference between the purchase price and the FHA loan amt ? 2) most lenders will take many months to process these requests 3) most lenders will require you qualify in order to approve the assumption ...good luck