All Forum Posts by: Raymond J. Rodrigues

@Jessica Grace Owuriedu feel free to reach out directly. 

@Kirk Roberts, reach out to @Lake Lutes. He is an investor/ investor focused agent in the Florida areas that you have mentioned! 

I see that you posted that you’re looking in the Tampa Bay Area for your condo purchase. @Josh Green is the go to investor/investor focused realtor for short term rentals and investment properties in the area. He has helped quite a few of my clients in the past and would be of great value to you on your team! 

Hi @Jill Widmer, I am a licensed lender here in the state of Florida and Texas and would be happy to help you out. With the assumption that you and your husband earn about 212k per year, which is about $17,600 per month, you can afford a monthly qualifying debt service of about 45%, which equates to around $8,000 per month. This $8,000 would include your primary residence, HELOC payment once drawn, about $270 per month for forbearance student loans, and whatever the leftover monthly mortgage debt service is of your condo purchase after taking 75% of its monthly rent minus its mortgage payment. You are well within qualifying range depending on the lender that you decide to work with and the loan program you end up choosing. Happy to answer any questions that you may have. Feel free to reach out!

@Obinna Duru I have personally not heard of them before. I do have some good loan recommendations if you need them though. Feel free to reach out with any questions!

@Faiz Kanash unless your loan to value is around 80-85% at time of refinance, no lender will finance an investment property with only 5% equity in it. 

@Mickey Scott, if you attempt to assume someone else’s loan, do keep in mind that you’ll have to come in with the cash difference as down payment between sales price and loan amount. Is that worth taking a lower rate? In some cases yes, in most cases, that is not suitable for alot of people. 

@William Butler, is the property a duplex or two separate town homes with their own individual parcel numbers and separate tax bills? If so be the case, this is not a duplex and would require two separate loans. If it is in fact a duplex, then you can utilize a 3.5% FHA loan or 5% down payment conventional loan for a primary residence!

@Sean Brown your only option if you wish to utilize a low down payment primary residence loan is to switch back to W2 for the time being.