All Forum Posts by: Upen Patel

@Jose Garcia If you have sufficient income to carry both the loans, then its not an issue. Or if the investment property is rented before you settle on the primary residence, then some lenders will let you use 75% of your rental income to offset the PITI. This way there would be no effect to your DTI.

Another thing to keep in mind is the down payment. For investment you have to put 20%/20% (depends on type of property). Primary can be lower. So need to be sure you have the money for the two down payments.

Hi! @Stephen M. Welcome to BP.

@Abdul Azeez If you have the cash for a 20% down traditional loan and its a 1-unit property, then you should be able to get the Fannie HomeStyle renovation mortgage, even as an investor.

@Julio Mallonga Yes, interest rates of investment properties are always higher then primary residence.

If you buy a investment property and then decide to buy a primary residence, it will not affect the rate you will get. Of course the rate will be whatever the market supports at that point in time.

Hey! @Sandra Silva I would recommend @Russell Brazil.

@Brittani Grant Welcome to BP.

Hi! @Nate Laird Welcome to BP. Thank you for your service.

@EDWARD M. 43% DTI limit means, your total monthly debt payments can't be more then 43% of your income. In your situation your income is $6000 + $975. So 43% of that would be $2999.25.

So you lender is correct.

One think that can help you is if the property you are looking to buy has a tenant in there (I am assuming you are buying an investment property). If there is a tenant, then 75% of the rental income from the purchase property can also be used to qualify you.

Hi! @Nathan Dobbins Welcome to BP

@Kiarra D. Welcome to BP. @Russell Brazil is very knowledgeable. You really want to hear what he has to say before you jump in.