All Forum Posts by: Hank Powell

@Andrew Postell

Andrew thanks. Could you shed some light on how it would be different if the property I am attempting to buy is an investment property?

What I want to do is purchase a duplex and rent out a side. This would be my first home purchase.

Thanks.

@Daniel Hennek

Thanks! Very thorough. To add more clarification, we have not closed on this loan yet because of this issue. We are are attempting to find a lender that will analyze our situation and conclude that 3 years of on time payments is enough of a payment history.

The occupying coborrower has never missed a payment and with this rate in term, the payment is decreasing by $140, making it even easier to stay on track.

In your experience would a lender be willing to accept the payment history leading up to this new loan? Or do they need 12 payments from the origination of this new loan?

Thanks

I am a non occupying coborrower, on a rate in term refi, attempting to purchase my first home.

The issue I am running into is lenders having an overlay requiring 12 months of payment receipts in order to dismiss this debt from my DTI.

I can provide written documentation that the occupying coborrower has taken responsibility for this debt.

I am looking for a lender that will signed documentation and payment receipts from the occupying coborrower proving that they are assuming the financial responsibility of the loan.

Can someone put me in touch with a lender that will lend based off this information?

Thank You!

Judah. Thanks for this.  I am in a situation right now where my non occupying coborrower wants to buy his first home in the next 4-6 months however the lenders we have been contacting have an overlay that requires 12 months of payments before they will disregard the debt from his credit report.  We were informed at the time of qualifying for this loan that we could provide a signed statement from me (the occupying borrower) and payment receipts showing I have assumed financial responsibility for the loan, so that the debt would not count against him.  

Would you happen to know of a lender that will accept these documents so that he is not forced to wait 12 months before being able to purchase a home?

Thanks,

The property has been vacant over 10 years. The inheritance was a surprise to me. My current plan is to get conventional financing to rehab the better looking side, get a renter, then figure out a way to finance the other side. There is momentum in that area so complete rehab, asap, is ideal. 

Whats up everybody, I'm excited to join the community!!!

Having done only one deal, my current home :). I'm looking for market specific information regarding this first project. The location is B rated in my opinion and I'm eager to learn how outside investors would analyze this property(ill share specifics if interested).  I plan to rehab and rent out regardless of outside influence and am curious as to the next steps in the process since the property is already in possession?