Updated over 4 years ago on . Most recent reply
REI after Loan Deferment
Hello all,
Auguste family here!! Background story:
My wife and I just completed our deferred payments 8/13 and now (primary home) mortgage is current.
Purchase Loan was 96k Balance 90k
Appraised 205k
Credit fair & DTI 49%
Past year paid off $16k in debt
We found ourselves here after tons of research and meeting with seasoned investors, lenders, etc.
HELOC- a no go too high of DTI
Cross Collateral- don't want to risk our only home (we have 2 small children)
Cash out refinance- must wait 12 months with one time payments since deferment
Sell property & use net equity- we want to keep it and turn it into an airbnb/short term lease
We want to purchase a MFH or maybe wholesale is a better option for now.
Would you recommend for to us?