All Forum Posts by: Ryan Naylor

An FHA loan might just be your best bet, depending on your financials. But it's not very hard to raise your credit enough to qualify, I've done several time in less than 6 months. Just start paying off your bills fast, cut needless spending, if you want a house bad enough, you'll get there. Then you could look for a safer house with a mother-in-law that you could rent out to help pay the mortgage, you could find a house that needs to refinish a basement and rent that out. You have options, but you just should focus on getting out of debt. Summer is approaching and work will pick up, in the meantime try driving for lyft or something and create some extra income to get rid of your debt. It's a good route, safe and will work out.

My guess is it might be that you've only been on "the job" for a few months, taking you out of the 2 year avg income range. Find a new lender. It's still going to be tough to do, but he straight up lied to you saying that the loan pgm isn't available anymore, when in truth you probably don't qualify. But he should shoot straight with you instead of making it seem it's not available. Also, make sure you understood him correctly.

Wade Gulden

It's still counted against your income to monthly payments,  (D.T.I.) unless you withhold that information from your loan officer, and since I'm open to be your guy and help you, we have some work to do. 

Your an agent, let's get to work and find you some properties. 

Shoot me a pm and we can start. 

Ryan Naylor

Thanks! Request sent. Let's put our heads together and get some deals done.

So you are wanting to borrow private money from friends using their money to help you buy a house with built in equity instead of paying off your own debt, and then roll your debt into the equity of your new deal?

Is that what I'm reading?

Thank you so much! I'm VERY excited to be here! I am looking forward to getting some things going here and really making some lasting contacts and friends!

I will be contacting you for sure 

Thanks again for your hospitality.

Ryan

First off, Nice to meet you Josh!

Simply put, I don't see the Utah market going anywhere for a LONG time, no promises tho, that of course is just personal opinion.

But, none the less, depending on what your situation is specifically, I'd suggest getting it looked into sooner rather than later, the threat of interest rates rising has been going on for quite a while now, they may just actually do that soon. And HELOC's follow the prime rate + points, which means as the prime rate goes up your HELOC rate goes up, so your monthly payment goes up.

 A cash-out refi though, will be a fixed rate that your basement rental income can then be used to help cover your monthly mortgage payment.

Does that make sense? I hope I covered what you were asking, I didn't fully get which market you were referring to, the housing market, or the rental market, or the interest rate market?

Let me know!

Ryan