Financing in Henderson>Question Details

fng, Home Buyer in Henderson, NV

Buying 3rd home

Asked by fng, Henderson, NV Thu Jul 19, 2012

I've spoken at length with a couple of major institutions. Their models for debt/income ratios are so conservative it looks like there is no way we can overcome the numbers they use. Our credit is stellar, we're able to put up to 40k down on a 115k home and our income is 90k . We are looking for someone in the mortgage business that can see our situation is viable according to any sensible examination and can prove it by means of some rational pre-qual process that doesn't make our lives more complicated?

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While a $90K income on a $115K home is easily viable, we don't know about your debt obligations on the other two homes. Those institutions may very well have good justifications for not extending you further credit.

But, the extension of credit also depends on your use for the home. If you're looking to rent it out, you can use the projected rental income to support your debt/income ratio to get qualified.
Web Reference: http://www.archershomes.com
2 votes Thank Flag Link Thu Jul 19, 2012
We do business loans for our clients that are currently in business or wanting to get started in business. Real Estate investors are in business therefore they are able to obtain a business loan. Depending on your goals one program we offer may benefit you. We offer a no document business loan, no collateral on the property as it is a business loan and you are able to finance 100% or more. Many of our investors finance the repair/upgrade costs into the loan. The loan is based completely on your credit. You must have a 620 or above to apply. Some of the factors we consider is the length of your credit history, how much available credit, how many recent accounts have been opened etc. We need to prove your ability to repay the loan based on your personal credit. You are welcome to contact me anytime with questions.

Dominique Wilder
Universal Acceptance
559-375-2512
0 votes Thank Flag Link Sat Jul 28, 2012
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