All Forum Posts by: Diane Trotter

@Hugo Aguillon  I applied at elender.com and a couple of other places that have opportunities for less of a down payment.  I received email that someone will contact me.  Stay tuned.

@Hugo Aguillon, I am checking through eLender now.

@Jim Adrian, I basically evicted my sister in April.  She was trying to move her boyfriend in without me know.  I got on it instantaneously.  I told her her had to GO!  She chose to go with him.  Her adult children are still there.  They have disabilities related to her irresponsibility.  They aren't going anywhere.  I go home all the time and would be able to stay at the smaller house I plan to buy.  The larger house will pay the mortgage.

@Stanci March, How much time do you have to spend in a 2nd home for it to be legit?

I appreciate all of you walking through this with me.  Thank you!

@Rosston Smith, I'm keeping my personal residence out of it because it belongs to my husband and me. My investments in Little Rock are mine alone. I set up an LLC and, for some reason, the lender doesn't want to put the loan under the LLC. I've got to check into that more also.

@Rosston Smith  I learned my lesson about co-borrowers 35 years ago.  Never again!!!  The problem is not qualifying for the loan.  I already qualified.  My problem is the $26.5K downpayment.  As I get use to the idea and work through other things it may not seem like a bad thing.

At this point, I am checking into a HELOC on my other rental property in Little Rock. This may be the answer.

I will compare the previously estimated monthly mortgage payment of $829 to the

1.  $563 (based on 25% down) Plus

2. ? monthly HELOC payment

If the total is around $829 I should be doing pretty well...I think.

@Sean Sullivan, I wasn't denied.  I gues I, rookie, didn't know 25% was industry standard.  I was attempting to purchase as 2nd home.

@Jim Adrian The rental of one of the houses is $800 a month.  The rental on the other is $500.  I plan to let my sister pay there and pay rent.  This is long range planning because I always have to help my family.

@Keith Weigand It is listed in such a way that I thought it could be considered a multi-unit property.  However, it is considered 2 separate properties.

My realtor originally wrote the estimate up based on 3 1/2 percent down.  That looked really good.  The shock came when I saw that I need $26,500 to close as opposed to something like $8K.  The property definitely will pay for itself.

I just asked lender about

1.  Refi-ing mortgage I already have with them so I can pull some equity from current property

2.  Cost to process the loan

3.  How much I will have available for purchase of the new property

@Joel 

@Joel Owens 

Thank you!  My realtor is checking into the possibility with the seller.  I'll let you know what happens.

@Wayne Brooks

I live in Fontana.  The home is in Little Rock, Arkansas, where I was born.  I go back at least once a year and plan to retire there.