All Forum Posts by: Jamie Jones

Yes you are both correct. The other LLPA changes, concerning FICO scores, have not changed since they were implemented on loans being delivered to Fannie & Freddie by May 1 (meaning they hit lenders pricing in March). However, the very controversial DTI > 40% LLPA adjustment has been cancelled, which is great news for the mortgage industry.

Hi @James Armstrong, have you considered just buying a new primary residence instead? This would lower your down payment requirement to 5% with conventional financing. You could then hold onto your current home (if you have one) and make that your first rental. The lender will use 75% of the market rent to offset that payment, which will help your DTI ratio.

 Hi @Jared Fracker, if you aren't on the loan for the new property, then why would getting a HELOC on your current primary impact the DTI? As long as the HELOC is only in your name and not your fiancé's, that may be the best path forward. Have you talked to the lender about using your business income to increase loan's qualifying income (therefore decreasing DTI)?

Ah yes that makes sense. Well that was a great purchase! 

@Kevin Sindorf how did you find a purchase price this low in Wilson County in 2022? 

Sounds like a great deal, @Anthony Phillips! 

Welcome to Bigger Pockets @Steven Butler! Middle Tennessee, and Rutherford County in general, are great places to get started in REI. Feel free to reach out if you have any questions regarding the financing for your properties.

@Benjamin Dunkin @Stephen Campbell I am very interested, however I will be out of town this weekend. Are you guys planning on this becoming a monthly meeting? 

@Rhett Kelton It is located in the Villas of Evergreen Farms community, off of Saint Andrews Dr. 

@Rhett Kelton also, he is wanting to move-in in Feb. whereas all of my other applicants have a mid to late March preferred move-in date due to 60 day notices at their current apartments, so it may save me a month of vacancy on the front end.