All Forum Posts by: Tyler Mallard
Tyler Mallard has started 2 posts and replied 5 times.
Post: Truth in Lending Act and the adjustment made in 2009...

- Goleta, CA
- Posts 5
- Votes 1
Post: Truth in Lending Act and the adjustment made in 2009...

- Goleta, CA
- Posts 5
- Votes 1
...
Post: Truth in Lending Act and the adjustment made in 2009...

- Goleta, CA
- Posts 5
- Votes 1
Hey Allen,
The refinance was completed during the first week of this Month(september2015). Maybe I should just wait for next year's tax return to show new income? Just makes me question how people can make multiple purchases in one year when dealing with investment properties. Am I able to show my new income with the rental property through other sources and not have the debt be subtracted from my prequalification amount?
Post: Truth in Lending Act and the adjustment made in 2009...

- Goleta, CA
- Posts 5
- Votes 1
I'll try to keep this brief and to the point..
I have an investment property of which I refinanced for 90k to pay the mortgage and my school loans(settled at 3.62% before closing costs). I set up the tenant with section 8 housing which still allows the rent to cover the monthly refinance loan payments.
Initially I was excited to start looking for a personal property in Santa Barbara. Now come to find out that even if I pre-qualify for a 300k loan I am only able to be financed for 210k or less since my debts are carried over. I was told by a mortgage banker that this is due to an adjustment made to the Truth in Lending Act in October of 2009 preventing creditors from making higher than priced mortgaged loans.
How do you proceed with making future property purchases if you don't have cash in hand?? I was really hoping that an additional income from my tenant would offset the loan and not affect my pre-qualification.
Thanks for your time,
Tyler
Post: New to BP from Santa Barbara CA

- Goleta, CA
- Posts 5
- Votes 1
Hi all,
I'm 24 with a biology degree. I just rented out my first property in Bakersfield CA. 3bed 1bath under Section 8. Close to 20k left on the mortgage for this property. Looking to invest in a duplex/multi family home in or near Santa Barbara w/in the next 18months. I joined BP to learn about and find other investment opportunities/options that will work for me.