All Forum Posts by: Parnell C.

Thanks Chris, I like the idea of renting it if the current sale falls through... I'm putting 20% down to begin with, I was referring to a percentage say 30%-40% or whatever keeps my DTI were it needs to be.

I could handle both temporary but it puts my DTI over just over 50% which lenders don't like. I have been working with two other leaders throughout the process but unfortunately I would have the same issue. A VA loan would have worked but the house won't pass thier inspection due to wood rot. We have been under contract for a month and don't want to turn off the sellers. What about putting more earnest money down? Or getting one of the lenders to add an "or", sell my house "or" x amount of money down to keep my DTI in check?

So we have a bilateral sale agreement on a foreclosure that has no contingency for selling my current house. After going through the underwriting process my lender has conditionally approval the loan with the sale of our current house. During the prequal I assured several times owning both wouldn't be a problem, which is very frustrating to say the least. Lucky our current house is under contract and scheduled to close before our purchase. My question is how do I handle this new contingency with the sellers? The deadline for loan approval is approaching fast. 

Brian, thanks for the advice. I'm working with different banks but it boils down to DTI. We are planning on living in the house for at least two years so we went with a conventional mortgage. How can I put the bank I'm buying from at ease about my new financing contingency? The original offer did not have selling my current home as a contingency. Would putting more earnest money down help?

It is a DTI thing and we do plan on occupying it for at least 2 years. So our offer and pre-qual on the new place had no contingencies because the bank we were using said owning both would not be a problem. Now the underwriters have placed a contingency on our loan approval and our realtor thinks it's a big problem. I have talked to three different leaders and we hear the same thing, sell your house first or close at the same time. We should close on our house in time but how do I put the bank's mind at ease (bank we r purchasing from)?

First post but I've been lurking for a while. 

Quick run down, we bought our first home, a foreclosure and have it under contract for a nice profit. It closes 10/13. Found a second home to rehab which is also a forecloser. This home is under contract as well and closes 10/24. 

Now a large bank pre-qualified us for the second home while owning the first. Low and behold now there is a contingency for us to sell our house before we close on the new one. 

So this wouldn't be a problem but our contract states no contingencies (other than financing). 

How should we handle this with the seller? They obviously didn't want an contingencies but we can't avoid it. Would putting more money down help? This deal has been burtal but we see a ton of upside if we can make it work. And advice would be greatly appreciated!!!

First post but I've been lurking for a while. 

Quick run down, we bought our first home, a foreclosure and have it under contract for a nice profit. It closes 10/13. Found a second home to rehab which is also a forecloser. This home is under contract as well and closes 10/24. 

Now a large bank pre-qualified us for the second home while owning the first. Low and behold now there is a contingency for us to sell our house before we close on the new one. 

So this wouldn't be a problem but our contract states no contingencies (other than financing). 

How should we handle this with the seller? They obviously didn't want an contingencies but we can't avoid it. Would putting more money down help? This deal has been burtal but we see a ton of upside if we can make it work. And advice would be greatly appreciated!!!