I can recommend 2 excellent contacts to assist you with best answering these questions. They have many programs to tell you about and see if you qualify. Please send me your email or contact information so I can pass on these names and numbers. They have helped many of our clients and are the most honest, successful, and customer service oriented professionals I have worked with.
Kind regards, Diana Nardy email@example.com or 561-371-3334.
I would be happy to help you with your financing. Our company Residential Finance Corporation is a National Direct Lender with access to some of the industries lowest possible rates and more importantly service second to none. We close loans on average in about 18-20 days start to finish. We underwrite and process your loan in house so you are informed every step along the way.
I look forward to hopefully hearing from you.
Joshua A. Lerette
Senior Loan Officer
Residential Finance Corporation
800.930.7334 Ext. 1108 â€“ Toll Free
813.402.4637 â€“ Direct Line
727.488.7355 â€“ Cell
888.692.5967 â€“ Fax
Are you actively working? If so, are you self employed or are you a W-2'd employee?
If you're self employed, have been so for at least two years?...
That's just a start. There are multiple questions to be answered by you before anyone can give you a correct answer. Contact a local lender & ask then your question. They should be able to answer your question in about 10 to 15 minutes.
The best answer I can give you is that you sit down with an experienced Mortgage Broker. I have several trusted associates I can refer you to. Please give me a call and I will be happy to assist.
This is a great time to purchase. If you are planning on using your condo as an investment property and renting it out, you will want to run the computations regarding your income on the investment short and long term. I would suggest you have a sizable downpayment for the new home--at least 20% down. Getting approved and paying the bills need to balance in your lifestyle!
Amy Moody, Realty Associates firstname.lastname@example.org 561-308-5269
I would need to see your tax returns for the last 2 years, taxes & HOA fees on the new house and your credit report to give you a correct answer.
If the new house will be an investment property, your 640 score will be problematic. If the new home will be your primary, you will have many more options with that score. Secondly, unless you have a history as a landlord, your rental payment will not be counted as income for two years. Sometimes, it can drop to one year on an exception basis, however, that is unlikely with the 640 score. This means both your old payment on the condo AND the new home payment will be calculated in your debt to income ratio.
This obviously is a higher hurdle than most borrowers anticipate. However, if your income is high enough, it is NOT a deal killer!
I would suggest strongly you contact a good loan officer to analyze your credit and complete application before shopping for the house. The loan officer should be able to suggest ways to improve your scores and your overall application and tell you exactly the amount of home you could qualify for! I had an applicant in October with a 580 score. We worked together since then, and yesterday, her new scores were 647! She got her pre-approval letter about an hour ago. It can work!
Best wishes, and good luck!
Jim, American Bank
703 615 4675
has gives benefit to your finances! Your Wage Income and "other Incom"
vs.the payment /expense involved in the condo will be closely examined.
Your equity in the current value,amount of positive cash, length of time
in renting , proven " track record " of timely payments are all issues!
With these factors OK The Morgage "program", and the Amount of
Downpayment you are considering will give you a picture of what's
possible. Talk to Mortgage Professionals with programs that have
standards consistent with your credit,debt ,and income profile and
comfortable with other "income property".
BOB BRUBAKER HIGHLIGHT REALTY PALM BEACH COUNTY FL. 561-876-6649
Jeffrey L. Tricoli, P.A.
Keller Williams Realty
Your first step should be to speak with a mortgage broker.
Important factors would be your credit score, your ability to pay both mortgages if you should lose the tenant in your condo, and will the new house be your primary residence. How large a downpayment will you be making on your new home?
If I can be of further service, please let me know. You can contact me directly at the numbers below.