All Forum Posts by: Reid Chauvin

Sorry to hear you had such a rough buying experience. Unfortunately you are not the first person I've heard having issues with Chase's home lending service in my own local markets. Generally there is a reason that some of these companies offer such low rates, and that goes for the online lenders as well. 

Looks like @Ronald Allen Barney provided you with a lot of great information. A few additional pieces of insight...You can be qualified for an FHA loan in another state for sure. Same with conventional loan (which you should honestly consider as another option, since you could could maybe qualify for Homeready/Homepossible as a first time home buyer, and only put 3% down) and even if you don't qualify, you can put 5% down and save yourself some money on Mortgage Insurance.

I would recommend locking down a job in the area you want to move before trying to purchase the home. It is unlikely that the lender will consider your income from you San Diego job to purchase a primary residence in Austin/Raleigh, (your employer would have to be cool with you remote working). 

Lot of great realtors and lenders on this board who are located in both of those areas - I'm sure you can find someone on here willing to help you out. I'm personally licensed to lend in TX, and know of a great realtor. Feel free to message me if you want more info. Good luck! 

I imagine ATL has a considerably large pool of renters and just general growth potential. I would look for the most affordable area with the best schools. 

Very exciting! Love to see it being hosted in my home state. 

Congrats @Steven Louis! Purchasing a primary and converting to a rental down the road is the most cost-effective way that I know of to build a real estate portfolio. This is my own personal strategy, at least while I'm more willing to move around every year or two. 

@Daniel Devin Jewell What type of loan are you looking for exactly? Are you trying to purchase a property?

Self-employed borrower mortgages can be difficult with all of the regulations out there. Your biggest thing will be demonstrating a Debt to Income ratio below at least 50%. If you have any liquid assets in addition to the cash (i.e., investment accounts) you might be able to supplement your income with that. Definitely depends on how much you are trying to borrow. 

Everyone is being affected by this, but some lenders are less affected than others based on their relationships with Investors other than Fannie and Freddie. Definitely worthwhile to try another Lender or two to see if you can do any better. 

Definitely seeing the same things in my own respective markets. I've resorted to doing the things that I can by myself and holding off on the things that I cannot reasonably do. On the plus side, I've learned how straight forward things like pouring concrete self-leveler and laying down vinyl plank flooring can be. 

Solid list of questions! 

Happy to run a quote for you, just PM me if interested. I echo what James said, and would stick with a company that focuses on residential lending over a bank. VA loans can be tough to navigate so you want to work with a company who specializes in residential mortgages, imo. And above all else, avoid the online lenders unless you are prepared to be run around in circles until you give up.