Updated 4 months ago on . Most recent reply
Starting Out Advice For limited income and navigating loan products
New Investor hopeful looking for words of encouragement and advice in the shape of getting around debt to income ratios with future investments. Currently I am locked in golden handcuffs in a 2.99% VA Loan (325k owed about 90k equity comps and current appraisal 415k )Currently I bring in about 55k a year nontaxable income (VA Disability) I'm wondering which loan products might be good in my situation. Other Peoples Money requires networking, House hacking requires having the extra space to hack and not having a full house already. FHA seems like a good option using a heloc to leverage myself into another property with intentions of renting out 1 of the properties depending on legalities. I would also like to know if I have reserve funds does that counter debt to income ratios? say I have 100k in the bank but my debt to income ratio is high would i still have a shot at being approved because i have enough money to close and pay months of payments till i could get a tenant Any advice on how to approach loan officers on certain products you believe are best? also if i share my plans with a loan officer could that help my case or hurt me (are they real people with a heart)? Open to any creative suggestions as well.