All Forum Posts by: Mathew Fuller

@Matt M.

Thanks Matt, I’ll have to look into that a bit more. Just trying to find a good place to sink my money into that isn’t going to work against me, that’s my biggest worry. Good to hear it worked out for your client.

@Derek Diamond

I’m wasn’t aware that you could do that, still new to this. I will look into that further.

Thanks Derek

@Matt M.

I am qualified for 400k, I'm a bit weary of properties with HOA's since they have restrictions on what I can do and eat into my money, what was the strategy with the 4 bed town home if you don't mind me asking.

Thanks Matt.

Hello,

Wondering if any first time home buyers in 2018 \ 2019 have had luck finding a first time home cash flowing property in Colorado? I am finding it hard to find a property in Arvada, Broomfield, Westminister area that cash flows doing a house hack with 3.5% down.. I am wondering if I should be looking in Colorado Springs or Greeley where properties are quite a bit cheaper, or maybe continue to save and just buy out of state.

Would like to hear any success stories \ opinions.

Thanks

Hello,

I'm new to the home buying process, and  currently looking to buy a home to house hack in the general north Denver \ Boulder area (Erie, Broomfield, Westminister, Longmont, Arvada). I am approved for 450k for metro loan, and 400k for conventional, and looking for 4-5 bed room homes. However, I am debating if I should go with the no money down metroDPA loan, that carries a 5.5-6% interest rate, or the 3.5% down conventional that is rated at 4.5-4.7%. My goal is to rent out all the rooms except for my own, and have that cover my mortgage. What's attractive about the no money down is that the money I have saved I can use that for cushion. As of right now if I put a 3.5% down payment, it would eat up all my savings, which I know isn't smart. I am hesitant to wait until I can do a 3.5% down payment without running me dry, but I don't want to miss out on potential appreciation \ cash flow opportunity. Also, looking at posts on Craiglist for rooms, I feel fairly confident I could cover most of the mortgage and some, even with the metro no money down loan, although metro loan would leave me with less money to pocket.

My goal is to rent out my rooms and have my mortgage paid for, or most of it paid for. I am just worried about making a catastrophic mistake, either be jumping in too early or jumping in too late. 

Thoughts? And thank you very much for your time.

Hello,

I am looking for suggestions on helping me get approved for a home loan in Denver, Colorado. I am 24 years old and recently almost got approved for a home loan up to 400k. The process has been held up because of two collections on my credit report for a $100 internet bill I forgot to pay when I moved out of state two years ago, and very small medical bill that I also forgot to pay. I have now paid the collections, but it could take some time (months) for the report to bounce back and me be within good standing.

I am single with no debt other than a small amount of credit card debt that is used for bills \ small consumer things (eating out, movies, etc) and is paid off in full every month. My car is paid for, I have no student loans, and i'm currently renting an apartment with a roommate for $650 a month. I have a perfect rental history of making payments on time and in full for the last two year and a half years as a renter. I've had consistent employment for the past three years and currently work as a Software Engineer. According to Mint and Credit Karma, after paying the collection a few weeks ago, I have a credit score of 760. Lender informed me mortgage loans are based on a different credit score which apparently mine is in the 500's from these two collections.

I understand that these collections are 100% my fault and responsibility, and I own it. However, I also want to see if there is anything that I can do to help me get approved. I plan on renting out all the rooms in my home when I do purchase, so my mortgage will be paid for or almost paid for each month by renters. 

With my current high income, lack of debt, and the plan to rent out the rooms in the home I do purchase, is there anything I can do to help me get past these dings on my credit report without having to wait for months?

I appreciate any advice that I can get. Thank you for your time and have a great week.