All Forum Posts by: Elando Serrano
Elando Serrano has started 2 posts and replied 5 times.
@Jason Wray hey thanks so much for the reply. Happy new year to you
Are you allowed to use an FHA loan on a property which has 1 commercial unit on the bottom, and 3 residential units on the top? I read somewhere if the property is 51% residential it is eligible for an FHA 3.5% down. Is there any truth to this?
@Joel Calkins it does a lot, thank you so much
@Joel Calkins meant to add that when I’m ready to purchase I’ll then be employed and have at least two pay stubs to show for. Currently building credit now, and just waiting until my score is established before making the next move.
Looking to get an FHA loan sometime next year to buy a multifamily in the DC area. A problem is that this entire year I have not had a job, but I have been collecting unemployment. I have W2s from 2018, and 2019, and I was wondering how badly would it affect my mortgage application being out of work for an entire year?
I understand that lenders look at rental income and and take account about 75% of the rent, and because I’m looking to get a 3-4 unit does this make my case any better though I’ve had this huge gap in employment?