All Forum Posts by: Todd Bailey

Investment property.  Planning on a conventional mortgage.

My fiancee and I are buying a multi-family.  She has the down payment $ from the sale of her house, but I will take the mortgage in my name (credit score).  A lender told me today that "gift" $ cannot be used as a down payment.  Questions:

- Can her assets be listed in the bank application even though she will not be on the mortgage?

- If we add her as a cosigner, will her lower credit score impact the rates?

- any other creative ways to transfer those funds to my account?  I imagine a single transfer of the full amount will raise eyebrows.  For reference, we are getting married this year...

- I can also take a loan from my 401k, but we would then just move her $ to repay the 401k loan after closing...

Thanks in advance.

@Fred Weinkauff thank you

Hi,

We are looking to buy our first rental property, want to stay local for now.  Living in the Ballston Spa area, and there seem to be some good options.  Looking for a local buyer's agent.  Reply or PM pls.

Thanks, Todd

@Kerry Baird thanks for the list