Updated about 5 years ago on . Most recent reply
Maximizing Loan Amount
Does anyone have tips for maximizing a first conventional loan amount?
I want to do this because the market I have chosen is a STR vacation area, and the properties with more bedrooms and bathrooms have a better ROI, and I would like to use the rental income produced by it during its first 6 months to help qualify for a second property at the start of 2022, as this income has to be reflected on at least one tax return.
If I were to qualify now, I should be able to get $310 K.
If I were to wait until after my raise, I will be able to get about $400 K.
By using the projected rental income in addition to this amount, I should be able to qualify for $600 K.
However, the ideal properties in this area run between $700 K or more.
For this reason, I am trying to find ways to boost the amount for which I am eligible.
Any tips would be much apricated.