All Forum Posts by: Elise Marquette

Hey Robert, my fiance and I are right down the street from you in Brandon. We are both mortgage lenders. Let's connect

Messaged you

I think it depends on what you want and your goals. I will say that I LOVE working for a direct lender rather than a bank. I don't think that banks offer the same flexibility in my hours and personal life as my current job. Yes, there's more pressure in that I have to generate all my own leads, but my company does a great job at providing resources to get leads. I also have heard horror stories about banks not being able to execute well and delayed closings, etc. Personally, (I admit I'm a little cynical) I'm at a point where I don't trust any big corporation or bank to determine how much I'm worth or really have my best interests at heart. 

My fiance and I are both mortgage lenders in Tampa Bay- we'd be glad to meet up!

Depending on your market, I would take the duplex (or triplex or quadplex...) any day over a single family. If you can qualify FHA, then you can pay your mortgage using the renters income. Another thing is to consider is this- let's say hypothetically either you or your husband lose your jobs during COVID. If you own a duplex, then your renter will pay your mortgage. It adds in an extra layer of security for you. You don't have that luxury with a single family. Additionally, once you spend about a year in the multi, you can use that income to qualify for your next property. I think that it's also easier for a multi to fetch a higher price when you go to resell it.

Speaking from the Tampa Bay market, it can be tough to buy a single family and then manage your costs so that you actually come out on top when you flip it. A lot of this REALLY depends on your location. I'm not sure how far along you guys are in the process, but remember that there are likely going to be a lot of cheap foreclosures coming onto the market in about 9 months from all the people who lost their jobs and foreclosed (or worse, went into forbearance and couldn't pay it back) due to COVID. You may be able to scoop up a distressed property for a super cheap mortgage and flip it.

In an ideal world, maybe you could scoop up a distressed multi unit and flip that for a profit (and increased rents!). 

This is copied directly from Fannie Mae's website and was published June 3, 2020. I hope this helps

Hi Megan,

Yes, it is true that if your degree is in the same/related field to where you are currently working, you will be able to get preapproved for a mortgage. You'll likely have a little better luck going FHA as it is a little more lenient on the employment history than Conventional. I also find that first time home-buyers tend to get a little more buying power with FHA.

What is your reason for wanting to wait? If you're in a stable job, have assets to put down, and have decent credit, then it sounds like you're in a good position to buy a house. Even if you don't plan on turning it into a rental, you are basically creating a giant piggy bank. The more you make payments on the house, the more you are putting away for a rainy day so that you can do a cash-out refinance or turn a profit when you go to sell it. In any case, I would highly recommend getting a piece of real estate into your name. And nothing feels better than waking up in a house that you own and can do whatever you want with it

@Tom Clellen Nice! Typically, lenders will use about 75% of the projected income. It doesn’t hurt to ask your lender to run a couple scenarios of a purchase, just so you can make sure you’re able to finance your next place in the purchase price where you want to be

@Tom Clellen just keep an eye on your debt to income ratio. If you do the cash out, you create a bigger monthly obligation for yourself because you’re likely increasing your monthly payment. And I’m only saying likely because if the interest rate drops enough from what you’re currently paying to the new rate, it may not be that much of a difference in payment. I just don’t know what the LO quotes you. Anyway, the point is that if your debt to income is too high, it may be tough to finance your next home purchase because it could create too high of a monthly obligation. I’d touch base with your LO and tell them of your plans. Maybe have them run a purchase scenario after refinance just to get a ballpark how much you can spend on your next property to see if it’s in line with your goals.

@Tommy C. Sounds a little dicey and I think you’re going to run into problems trying to sell it honestly