All Forum Posts by: Jerry Padilla

@Will McVeigh 

The maximum DTI for a credit score of 600-620 is 43%.

Depending on your circumstance they can go higher if you have decent credit and assets. 

@Laurie Williamson

Have you thought about doing a cash out refinance on your current home and then a HELOC so a majority of the mortgage is at a fixed rate? Then you could rent it out and purchase a new primary residence in the near future and use the funds from this cash out to put down on more investment properties and the purchase of your new house?

@Cal C. 

Great post! And great to know! 

@Amy Wolf

Most investors go with a 30 year. It gives you the lowest DTI and allows you room to purchase more properties. And as Joe said, you can pay off early if you would like. The interest rates are not that different.

@Minh Lai

You can rent out rooms with your primary residence. The income from renting out rooms won't count towards your DTI's with a SFR for financing purposes. It is a great way to live for free though!

@Alex Filipe 

You can move into a property with 0 down with a VA loan. You can rate and term refinance with a conventional loan and keep going as long as you have the equity or the money to pay down the mortgage to get the LTV to support it. You can keep purchasing an owner occupied VA loan every year and refinancing if it works out for you.

@Michael Modesto

Referrals referrals referrals.......

This is how they grow! 

@Nicholas Stevens

Did she transfer the property into your name? If she did than you can rate and term refinance the property into your name after 6 months based on appraised value. You should be able to go conventional with s 75% LTV and hopefully have little to no out of pocket costs when the time comes.

@Julie Hassett

If I were you.... I would do these steps...

1. Get pre-qualified for a mortgage, to ensure you qualify.

2. Contact a local agent in the area - maybe one here to assist you with running comps and making an offer.

3. If you come into agreeance, then I would make the offer subject to a home inspection, by yourself and the inspector and view the property and make the trip out there in this period of time.

Things are not always what they look at by the pics and you may have to rely heavily on the agent to make the decision if you should fly out to visit the property.

@Vincent Matraxia

If you filed Chapter 7 or 11 you can finance with conventional financing 4 years after discharge. If you filed Chapter 13 you can finance with conventional 2 years from discharge and if you are still in the chapter 13 bankruptcy.... you could possibly still qualify. You could do a cash out refinance if you have 4 or less mortgages, including this property. Hopefully this will help you.

@George Elchaar

Great deal with the cash flow. You may also be able to do a cash out mortgage as well, depending on the situation. You would need greater than 75% LTV equity in the property to do a cash out with conventional financing.