Updated 4 months ago on . Most recent reply
Looking for advise
I have a chance to purchase a home, I recently went for a loan to get something around 300k in my local area around San Joaquin county California, I didn't qualify for the loan because of my income to debt ratio. Now i have a chance to assume a loan for 160k with a low interest rate and then they want to do a cash out refinance and pocket some of the money i am looking at roughly 160k assumption loan then 150k cash out refinance or 2nd mortgage i just don't want to be disqualified, i have money in the bank it would be a private sale, I guess my question is how can i make this work? the value of the house is about 420k it has an additional adu unit that i would rent out. this is for San Joaquin county California. The ADU on the high side i could get about 1200 a month the low side easily 800 a month.