All Forum Posts by: Account Closed

I will be there as well! Looking forward to it.

Welcome! I am a CT native myself. I am new to investing & it sounds like you have some knowledge. Would love to chat.

Best!

Grace

They should be able to average your income. As long as you can prove that your new job is going to continue (a contract perhaps?), you should be able to qualify. Good luck!

I work for a Brokerage. We usually work off of referrals. A realtor could suggest you someone to speak with, or you could potentially google. There are so many reasons to work with a broker. They have multiple programs to choose from, can find you the best rate, can offer you more options, and very knowledgeable. Definitely something i would suggest. Best!

FHA only works if you plan on living in one of the units. Say you are investing in a duplex, you must be occupying the other unit.

Your mortgage payment would be dependent upon the interest rate you can get, the amortization period of the loan (ie: 30 yr, 15 yr, 20 yr, etc..) You could also check out an Interest Only loan. I use a financial calculator to calculate Principal & interest, taxes & insurace you will have to guestimate. You can lookup on Zillow for taxes (divide amount by 12) and insurance you can estimate by the area. Online calculator would work too :) google mortgage payment calculator

http://www.bankrate.com/calculators/mortgages/mortgage-calculator.aspx

Usually by putting at least 20% down you avoid Mortgage Insurance which can add up so it tends to work in your favor. That being said, with your assets & credit score, putting less money down really shouldn't be a problem. I agree with what was said above, in the mortgage world it is VERY important to be timely! If you are able to get pre-approved before you even find a home, you can show that to the realtor and it will really make a difference. Conventional financing is not your enemy especially when it comes to an investment property! Hope this helps & you find the best property.

I agree with what was said above. I work for a company called Residential Mortgage Services, and a loan of your size wouldn't be a problem for an investment property. Im sure you could find a similar lender to help you depending on your area. Your rate will be a little bit higher than normal due to the circumstances, but it can be done. I would suggest paying at least 20% down so you avoid Mortgage Insurance if possible. If your home appraises at 42,000 that would mean putting down 8400. Of course that doesnt necessarily include closing costs, etc.. but you could potentially finance those costs into the loan amount. You could work out those numbers with your lender. Hope that helps!

I would suggest getting a mortgage on the property. Once you renovate & the value goes up you can sell it and make your money back. Or if you choose to rent it out, you can use the rental income to pay down your mortgage. As long as you have decent credit above a 620 for most products, and stable income you should have no problem qualifying. Depending on the product you can usually go up to 85-90% loan to value. Let me know if you have any other questions! [email protected]

You should be able to use part time income if it has been occuring for 2 years and plan on continuing. Also if you have any investment properties, you can use that income as well. For rental income a lender will use 75% of the monthly rent to qualify. Investment properties do have some different guidelines than owner occupied, but as long as you can prove you are paid and have some income it should work. Feel free to contact me if you have any other questions! [email protected]