Home Buying in Colton>Question Details

Jandacuervo, Other/Just Looking in Colton, CA

I have about 5 years left to pay on my home and just recently co-signed for my daughter on her first home. Would it be possible for me to purchase an?

Asked by Jandacuervo, Colton, CA Thu Jan 14, 2010

additional home to use as rental income? I have a steady income, about 15 yrs with the same company. I live in California. Thank you.

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6
Sheryl Arndt’s answer
If you didn't purchase then, it is a good time to purchase now. You would need 25% down to buy an investment rental property. BUT, I do have a scenario to do it tho. If you rent out the home your in now and buy a bigger and better newer home for yourself as owner occupied, then you would only need half percent down payment on an FHA loan and 3% down conventional. We would have to show that your daughter makes all her mortgage payments herself to be able to eliminate that payment of your qualifying ratio. I could even refinance her depending on her income and mortgage status. If your still interested in this, then just give me a call or click my pic and contact me link.

Here is a flyer and a needs list if you want to qualify. I only have to ask a few dozen questions to pre-qualify you and offer what loan program options fit your the best. The CHF Access half percent down payment program only requires a minimum 580 fico score to qualify and can contribute towards your closing costs as well.

CHF Access half percent down flyer, pdf
http://tinyurl.com/9ewk9nq
Sheryl Arndt, standard needs list checked, pdf
http://tinyurl.com/9m2rsb2
Why Rent brochure
http://www.frankandsheryl.com/Documents/Why%20Rent%20brochure…
http://www.frankandsheryl.com/Documents/Why%20Rent%20brochure…
CHF Access income limits http://tinyurl.com/8lzf8he

http://www.Under640FicoScoreLoans.com
http://www.FrankandSheryl.com

http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Broker – Sr. Loan Officer
DRE# 01440252
NMLS# 297251
760-486-4225
0 votes Thank Flag Link Thu Oct 25, 2012
That really depends on how much you are making and how much your debts are and also how much loan amount do you need. I would suggest you talk to a good lender, give all your financial to him/her in order to calculate your debt to income ratio.

Alisha Chen
0 votes Thank Flag Link Fri Jan 15, 2010
Hello Janda, like the other agents previously mentioned-Yes it's best to go over your scenerio with a qualified loan officer. However, assuming your dept-income ratios are low enough to qualify including your current home & not your daughters morgage, a lender will need proof that you are not responsible for your daughters mortgage payment. A common way of proving this is buy obtaining 12 mth of cancel checks from your daughter to show she is the one making the payments. I've seen lenders take as low as 10 months of cancel checks. If it is too recent to provide this, than they will have to qualify you with your daughters liability as well.

Best regards,

Uriel Ojeda
Realtor®
The Ojeda Team
(951)205-8263
0 votes Thank Flag Link Fri Jan 15, 2010
Why not visit with any qualified loan officer(s) and see what exctly your budget can handle--however keep in mind--lenders have their income v. debt criteria for qualifying for the amount of a mortgage—oftentimes requiring that housing costs are not in excess of one-third of gross income in addition to a stipulated income v. overall debt-ratio. What lenders don’t know are borrowers’ non-debt spending habits, present and anticipated. You, the borrower, need to consider the economic factors of your lifestyle that would impact on your individual comfort level of affordability. A mortgage outside your budgetary constraints can dramatically alter your overall living conditions. So, be sure to factor micro and macro economic concerns into your mortgage amount deliberations--choose your lender with care.
0 votes Thank Flag Link Thu Jan 14, 2010
Hi Janda,

Your best bet is to talk to a mortgage specialist.
I am a Chino Hills Realtor and I have had great experiences with Luis Ortega.
Luis Ortega is a Bank of America Mortgage Specialist.
Here is his office number if you would like to see what your options are.
Luis Ortega (909) 664-9771

Give me a thumbs up if this helps you out.

Best Regards,

Jes Sierra, B.Sc.
Realtor®
Century 21 Beachside
Chino Hills, Ca
0 votes Thank Flag Link Thu Jan 14, 2010
Hi Jan,

Banks are very leery of putting people in financial positions tht could result in them becoming over extended. With this said, your ability to obtain additional funding will depend on a number of additional circumstances. income, debt, savings etc.

Your best course of action is to meet with a couple of lenders to find out what they can do for you.

Good luck

The Eckler team
0 votes Thank Flag Link Thu Jan 14, 2010
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