Hi, we’re very new to this world, and have been listening to BP for a few weeks now. We’re trying to move to CO from Or, where we have a house, and are looking at a couple developments in Falcon and Elizabeth. We don’t have a lot of cash, and our lender just told me if we keep And rent out our home in OR we’ll have to bring an extra $15-20k to closing.
Does that sound right? Is there any way to keep both houses? I’ve heard so many stories of folks getting in for little to no money out of pocket, and that’s our goal.
TIA for the help. Also, what’s the best way to connect with folks out here? I didn’t see much on the events page.
Real Estate Agent · Denver, CO · Member since 2021 · 383 posts · 181 votes
5y
Hey @Tony McCormick! So glad you reached out on BP, it's such a great resource. As others have already said that may be correct from the lender you spoke with perspective however there are a ton of different loan options and they change from one lender to the next. I would recommend reaching out to several lenders and getting different opinions. I can recommend a few if you would like. I will send you a direct message.
I am also hosting a happy hour on June 10th from 5-7 at Improper City in Denver. You may not be in the area yet but I will keep you posted on future events.
Real Estate Agent · Portland, OR · Member since 2016 · 1k+ posts · 605 votes
5y
Hey @Tony McCormick, that doesn't sound right but it all depends on the details of your financials. I'm hoping that the rent you bring in covers 120% of the mortgage and taxes. That is the metric the bank will want to see. The other option is you might need to look for a cheaper property in CO. It is going to be key to get your debt to income ratio just right. There are lots of different types of loans out there but they are only useful if your lender knows about them. Just like anything else, having a good lender is key. I don't know the good lenders in Colorado anymore but I would be happy to introduce you to some in Oregon if that helps.
Lender · New Braunfels, TX · Member since 2021 · 27 posts · 9 votes
5y
Hi @Tony McCormick - exciting news about your move to CO! I lived in CO for 6 years and am still licensed as a lender there. The amount of cash you need to bring to closing depends on a few things (loan program, DTI, LTV, etc.). I'd be happy to talk with you about some options and provide an estimate if you're interested!
Real Estate Agent · Denver, CO · Member since 2021 · 383 posts · 181 votes
5y
Hey @Tony McCormick! So glad you reached out on BP, it's such a great resource. As others have already said that may be correct from the lender you spoke with perspective however there are a ton of different loan options and they change from one lender to the next. I would recommend reaching out to several lenders and getting different opinions. I can recommend a few if you would like. I will send you a direct message.
I am also hosting a happy hour on June 10th from 5-7 at Improper City in Denver. You may not be in the area yet but I will keep you posted on future events.
Thanks everyone for the answers and contacts. I'll be reaching out individually.
Another concern I didn't mention here is that I've already done pre-auths with 3 different lenders (a couple 'preferred' lenders with new developments and an independent), and I don't want to get too many hits on my credit. It's sitting at about 739 right now. How many is too many?