All Forum Posts by: Lily Sellers

So if I had received about 1,000 a month for a year, and now 550, for a couple months I should be able to use that to refinance?  What if I have no proof?  I just recently started keeping track so I have no official record.

Thank you for the advice!

Am I able to do that even though technically I can't claim the income from renters since it's been under two years?

Got pre-approved for another investment property for only 200k (not much in my market) But, I have more than enough equity in one of my other properties that would cover more than enough for the difference I want to spend on a specific property. I tried seeing my options for refinancing the house to tap into some of the equity but the mortgage lender I'm using told me My DTI ratio is too high (Hasn't been two years reporting tenants renting, and my second job hasn't been secured for two years) So I can't refinance the loan. Other than waiting out the two years to include both of the previously mentioned incomes, is there another way to tap into the equity of my house? Does HELOC's go off of DTI ratio as well? Is there any other options other than refinancing and Helocs? Is DTI different for different mortgage lenders? Thanks in advance friends. Because of everyone's expertise on these forums I have already made life changing investments in the last year.

Than you Dave, I appreciate you immensely 

Thank you Jennifer!  That's actually HUGE information.  Build just as much equity in half the time.  Might be something worth looking into.  Thanks a bunch friend.

Thank you both for responding.  
  Would refinancing break a clause that you are talking about Patrick? Cause that would change the game plan drastically if I had to pay a certain amount of interest to the bank. 

And Matthew, If I refinanced my current FHA loan into a conventional loan with the equity I've built into the house would it be unwise to use an FHA loan on another property? Or would you consider keeping the current FHA loan and using a conventional loan for the next property with the equity from the FHA loan property?

Bought the house for 198k over a year ago with an FHA loan and I have a $1059 mortgage. It is now worth about 245k and I have lived in the house for over a year and want to buy another property. I was wondering if it would be a smart move to refinance the house since I now have about 20% equity in the house to get rid of the PMI (which is about 130$ a month) so I can generate more monthly cash flow. I've read it would cost about 4-6k for closing cost on refinancing to a conventional loan. Would it be wise to just keep the FHA and seek out regular conventional loans for future purchases, or would it be better to go ahead and refinance into a conventional loan? Also, other than the 130$ that I will be saving from not paying a PMI, would the mortgage be lower as well? (not including the PMI since that will obviously already lower the payment) Thanks in advance friends!

Hi everyone! First-time poster, long-time lurker here with a question :)

My SO and I bought our first home at the beginning of 2020 and quickly moved with a few friends. At the end of 2021, our friends moved out and we began doing cosmetic updates on our spare bedrooms to get them rent-ready for future roommates. We are now at the stage where we're moving in a new roommate by the end of this week. Based on our past experience with renting out rooms in our home, we'd like to cover our bases and have this new roommate sign some sort of lease agreement. Is this done often? Do I use a standard lease agreement or is there a modified lease agreement out there for house hacking situations like this? 

I'd love some suggestions and to hear what everyone else does when renting out rooms! Thanks in advance!