I think the best way to get you an answer is to pass you along to my HomePath expert. Get in touch with me by email - email@example.com or 512-459-3400 and I'll make the introduction.
Our income - $7000/gross
(husband is w2 @ $45k for last 2 years, I am self employed but have worked same line of business (web designer) since 2001 -show no income 2009 b/c I had a baby and stayed home with her, then started contract work from home, I will file tax returns for 2010 - I made $40k gross and will have for 2011 - signed a year long contract for $50k for 2011 on Dec 1, 2010 - they direct deposit same amount every month)
Debt - $345/auto loan, $265 student loan and $60 credit card (only have about $1600 left to pay on and can be paid off)
Credit - I was at 737 but 2 errors on my report from last month dropped me to 600, I have disputed and working on getting it removed and back up. My husband is at 654. We don't plan to purchase until end of the year/beginning of 2012, so we still have time to get it up. My husband took care of his baddies, so his score will only go up.
Down Payment - $10-15k
Reserves - $5-7k
We were hoping to find a home for around $215-225k
What do you think of my chances?
I spoke with my resident HomePath expert. Here's the rundown: rental income will be part of the review process. Need to show reserves/assets on all transactions, though the amount of reserves really depends on underwriting (Fannie/ Freddie automated approval system). Down payment will not increase if you qualify for the HomPath Program.
Max LTV (loan-to-value) = 95%
Max DTI (debt-to-income ratios) = 50%
Minimum Credit Scores = 660
Maximum Seller Contributions = 6%
No Appraisal Required
No Mortgage Insurance Required
If I can be of assistance, please give me at call.
Pulse Funding of Texas, Inc.
I believe that Homepath will recognize your rental income. For the most accurate information, I recommend contacting a Homepath lender. In the DFW area, I have had great success with Cris Vento at Wells Fargo Home Mortgage. He can be reached at 972.393.4438 Cris has a great grasp on Homepath lending and will work hard to reach the right deal for you.
If you need assistance with the purchase of your new home, please call me at 214-215-8097.
Keller Williams Dallas City Center
Our team works with an amazing Texas lender who specializes in HomePath mortgages. Her name is Cindy Swannack. She can be reached at 512-483-6092. She can answer all your questions!
Tell her The Nyland Team referred you.
Good luck and have a great weekend.
Gina Nyland, REALTOR, GRI
The Nyland Team
Prudential Texas Realty
If you are planning to occupy the home you are purchasing, you should be able to get the loan for 3.5% down, you will have to prove the rental on the other home. I would be happy to answer any other questions for you or point you in the direction of some wonderful loan officers. Let me know if I can help!
Keller Williams Realty