I would recommend that you both of you go and speak to a lender/bank/mortgage broker regarding the situation and see how much you can get pre-approved for. You can talk to someone at the bank where you have an account, or any local credit union.
I would also be happy to recommend to you a few mortgage brokers if you like.
Feel free to contact me directly with any questions/concerns.
Congratulations this is an exciting scenario. You are selling you home and your boyfriend owns a condo that will be leased out. Together you are purchasing a larger property together.
- Property being sold check with local Realtor request Market Analysis to verify estimated value of home in Eagle Rock. Hopefully, there is equity. Estimate equity used for purchase of new home.
- Boyfriend's condo contact Realtor in area. GET market analysis of estimated rents in area. CHECK WITH LENDER FOR TERMS OF LEASE AND LENGTH REQUIRED. Verity if lender allows new lease agreement in qualification for new property. In my opinion it does not make sense that you would have to wait year or year and half after lease executed before purchasing new home. depending on actual lease lender will calculated condos. PITI and determine if lease amount is positive of negative debt.
- Calculated estimated net for sale plus money available for down payment and closing cost of new property. For new home about $500,000- based on information provided seems can do.
CHECK WITH LENDER FOR REQUIREMENTS ABOUT THE CONDO LEASE. GOOD LUCK!
GAIL MERCEDES COLE
You need the right real estate agent and mortgage broker for the job. But, there are some questions like how much is your boyfriend's property payment (PITI)? What's your debt and fico score?
Let me know if I can help you,
I encourage you to continue talking to other loan brokers, I have a good referral if you need one.
The key point you make in your inquiry is that you have a 'much lower FICO score.' If you are buying a new property together, both your scores will factor into your affordability. In addition, it sounds like your boyfriend does have a mortgage on his condo which will count as debt towards his ratios.
I highly suggest that you contact Natalie Salins at Prospect Mortgage and discuss your situation with her. She is adept at qualifying complex mortgage scenarios and is highly ethical. Natalie is based in Los Feliz and can be reached at 323-644-1200 or firstname.lastname@example.org. Please let her know I referred you to her.
An important related issue is your strategy for finding a new home. As you may know, it is a seller's market right now, which is great for the sale of your Eagle Rock home but not so great for finding something quickly in Mt. Washington. Even with your strong qualifications, you will be facing a competitive multiple offer situation. Is you plan to live with your boyfriend in his condo while you house searching? If so, this will give you flexibility to both be patient and to be ready to act when the right property appears. If you will not be living in his condo, I suggest you consider finding a short term rental for 3 to 6 months to give you breathing room and confidence during your search.
As a broker who specializes in Northeast Los Angeles and Pasadena/Altadena, I am happy to offer you a no cost, no obligation consultation to help you explore your options and challenges.
Associate Broker BRE #01142186
I would most definitely be available to help you through the process. I can let you know exactly what documents you need so that we can provide you with a pre-approval letter. We can go over rates, estimated monthly payments, closing costs, etc. but I can assure you the condo wouldn't be an issue as far as needing it rented for any period of time.
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Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
You best bet would be to speak directly to a lender/broker as Jamie stated below. As there are a number of different loan programs out there, each with different qualifying criteria, you would be off to a good start by at least getting a pre-approval on a loan, and see how much "house" you can afford based on the situation of each of you. Then you can determine where you stand as far as obtaining the loan, what your expected interest rate would be, and get a clearer answer on how to proceed with the condo your boyfriend owns. I have a couple of qualified brokers to whom I can refer you.
Also, I would love to provide you more information regarding the house you are looking to sell in Eagle Rock, and get you a Comparative Market Analysis for this particular property. This would provide you a figure on what you can expect to sell it for, as well as how quickly homes are moving.
Finally, please consider getting in touch with me in regards to listing your current property and/or purchasing your new home. I can give you details on how you can get $1,000's at closing on each of these transactions.
I look forward to hearing from you soon.
Alan Kurpiewski, RealtorÂ®
CA BRE 01912043
I am going to profile your question with a particular mortgage company tomorrow in the morning.
I also specialize in the Silver Lake, Atwater Village, Eagle Rock, and Mount Washington areas. Please put me into consideration as your listing agent. Kindly take a moment to visit my quick 45 second video about how I will market your home as a listing agent at http://SilverLakeBroker.com
After I speak with the lender in the morning, what is a good number to reach you?
Thank you Tisha!
Sam C. Martinez
Broker / Associate
Keller Williams Realty
(323) 250-3770 Direct
DRE# 01896142 Type: Broker / California