All Forum Posts by: Ryan Keenan

will income from the  owner occupied property that you are vacating and renting out be counted on front end debt or back end debt? Also a rental property that is NOT owner occupied is back end?

Thanks!

Hi bp,

Wondering if I'm understanding offsetting piti with rental income correctly.  If you have a rental property that is NOT owner occupied for over two years, and if it cashflows positive the mortgage payment is offset and does not go against your dti and the positive cash flow after your mortgage payment will go towards income? However if you househack a property the entire debt service will go on your dti and you can only count 75 percent of rental income?

Example:

Mortgage 1200

Rents 2300

1200 doesn't go on debt report and 1100 counts as income?

Thanks!

In buying a bank owned property using conventional financing, how hard is it to get the bank to drop the price.?

Ex. Listed for 100,000

I offer 70%  70,000

Is this unrealistic ?

Lol thanks for the advice bp people! I was working on the house and in a rush not spell checking. 

And definitely wouldn't use spaghetti sauce!

Thanks!

Does it make more sense to refinish the hardwood floor on a rental or prego over the existing.. seems both prices are about the same just wood save me slot more time refinishing it.

Thanks

Hello BP, in using private money for a 20% down payment, won't the banks be questioning where this money came from once they ask for your last 30 day bank statement and see a large chunk of money deposited ? Are there ways around this?

Thanks!

If a property does not qualify for a fha loan is it safe to say it won't qualify for a conventional? What generally won't pass with conventional? I've heard that all mechanicals must be in working order but beyond that not sure about anything else.

Thanks

does anybody know how to get around 25% equity you must have in the home you are vacating ? It's a duplex living in one side, if I just rent the whole thing out and change my insurance to a rental dwelling and move somewhere else for the time being while applying for a fha could this work in the banks eyes? I wouldn't have a primary home just a couple rental properties?

Brent,  having called at least 5 lenders they have all told me needing 25% equity in your current home is not a bank overlay but a fha guideline. On my previous post a lender told me exactly what you are telling me in that needing 25% is a overlay however, after further review he later inboxed me stating he was wrong and it is a fha guide line.

I also do see what Ken is saying. As I have called banks as well as went face to face. Wells Fargo told me how can they convince there underwriter why I need another  multi family Property when I already have 2! I'm sure they see what I'm trying to accomplish Here but I would honestly owner occupy for what is required.

Buying with little money down is something that Really Really interests me as I do not have yet alot of money to put down. I also read Brandon turners book low and no money down!

I'm hoping for someone who has actually done this type of deal can tell me there experience as the lender or the buyer.

Thanks for your time!

I have already asked this question a few months ago but sitting here on the couch something dawned on me.

My original question was can you qualify for a fha loan while you already have TWO other mortgages that are NOT a fha loan. After searching for the answer i was told the bottom line is in order to qualify for a fha loan while already having 2 other mortgages is that the property you are vacating must have 25% equity in it in order to count as income in qualifying for the new loan. Ok fine.

My new question is, what if those two properties are fully rented and are now just my income properties? What if I rent now or live in my parents basement? I would not be vacating my primary residence anymore for another.. would this be exceptable?