Financing in Annapolis>Question Details

HobbieCat, Home Buyer in Chesapeake, VA

My husband and I are looking to purchase a new home. Our situation is a bit complex and we are looking for some advice from seasoned brokers.

Asked by HobbieCat, Chesapeake, VA Mon Nov 19, 2012

Between my husband and I, we own 4 rental properties in another state with the rental income about breaking even. One of the mortgages was also modified through HAMP back in March 2009. We also own our primary residence here in MD that we bought and financed with FHA last year because we had that modification record in my credit history (and that was considered as a foreclosure). We are open to selling and/or renting our current primary residence but we would not want to make a sale contingency to the new house that we are interested in purchasing. Our DTI is high (about 60%) based on 75% of the rental income, our current house mortgage and the new mortgage.
Our FICO scores are in the 700's and our household income is $170K's. We're wondering if we are qualified for a conventional mortgage.

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Answers

7
my advice be patient
i would gather all for financies meet with a lender before you get to involved
good luck
curt
0 votes Thank Flag Link Thu Dec 13, 2012
Happy thanksgiving to all. As it was said I will qualify with a lending broker. Not a particular bank. Brokers deal with different companies and have different options an much moré flexibility than a bank per se.
Feel free to contact me for a referral.
Warm Regards,
0 votes Thank Flag Link Wed Nov 21, 2012
I agree with the others.. First and fore most speak with a lender.. You may also want to get a valuation of your property.. Your lending will depend on a variety of scenarios.. One of which,, "How Much is Your Home Worth and What Can You Sell it For". Feel free to contact me should you want to make contact with a local lender or discuss further.. michele.monti@cbmove.com or 410-841-8295
0 votes Thank Flag Link Tue Nov 20, 2012
Hi Hobbiecat-

I can put you in touch with a lender that can offer some advice on how to proceed- call me and I'll put you in touch with him- wher are you looking to buy in Maryland? 301-785-1995
0 votes Thank Flag Link Mon Nov 19, 2012
Hello hobbiecat. The first thing is to have one of my lenders that i partner with take a look at your credit, dti , your assets (liquid/non liquid) to see what your financial picture looks like. I can take a look at the values of your homes including the ones in other states. From there we can determine what your options are. Then i will determine a strategy in terms of what to sell and what to rent and whether it is a regular sale or short sale. It is complex but nothing i have not done before. If you need my assistance please call me at 301-440-1489 or email at parkerteam4@aol.com. Thanks.
0 votes Thank Flag Link Mon Nov 19, 2012
Hi Hobbiecat,

That is a complex situation. I can recommend several good, local lenders to assist you with this question. Your credit is impeccable and if you have a sufficient downpayment you should be able to move forward.
0 votes Thank Flag Link Mon Nov 19, 2012
Sorry, HobbieCat,

This would never go through the Fannie Mae or Freddie Mac computer approval. Manual overrides are non-existant.

You can hopefully get more income for your rentals and show a bigger cash flow or sell and get under 45% and try again.

Good luck!

Fred
0 votes Thank Flag Link Mon Nov 19, 2012
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