All Forum Posts by: Julie Sanchez

Hi Brian, 

Congratulation on your new home! It really depends on what you mean by "interfere" and you qualifying. If you are concerned with how a lender may include a housing expense in your debt ratios then there are a number of factors to consider. Because we are in a community property state in NV it is likely a portion of the housing expense will be included in your debt ratios - whether you are on the deed or not because the home will still be your primary residence. Things such as if you file taxes jointly and take the mortgage tax deduction or if the mortgage loan is paid through a joint account will all play a factor. With limited information, I'm unable to fully answer your question but if you would like to discuss this further feel free to message me. 

*building a portfolio

You can buy a primary home with the minimum down payment requirement for all loan programs as long as you physically LIVE in it for 12 months as your primary residence. You can then convert it to a rental property afterwards, every 12 months if you qualify. The Mortgage note you sign at closing states the home loan is for a primary residence of at least 12 months. This works best with conventional or portfolio programs since FHA restricts you to one loan and VA is dependent upon remaining entitlement. It's a great strategy to start blinding a portfolio if you can stomach the move every 12 months.