Home Buying in Chicago>Question Details

Mary, Renter in Highland, IN

I sold my home on a land contract and the renter has five years to pay me in full. I continue to pay the mortgage company due to still having the

Asked by Mary, Highland, IN Sun Dec 8, 2013

mortgage debt. Do to this my hands are tied as far as being able to buy again. What is the time frame that I can show this income coming in that a mortgage company would wave this debt in order for me to purchase?

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10
i would speak with a lender about this
0 votes Thank Flag Link Thu Dec 12, 2013
There is a sophisticated lender out there that can help you. I know a couple if you want to give me a call.

Mike
0 votes Thank Flag Link Mon Dec 9, 2013
Mary,

I would need to see a copy of the land contract, as well as your initial closing documents. This, taken in conjunction with 12 months of on-time payments from your buyer should let us strike that mortgage from your debt to income ratio.

I work for Wintrust Mortgage in Chicago, and as a Federal Lending institution, lend in all 50 states. Please feel free to contact me at mbukovy@wintrustmortgage.com, or by giving me a call at 773-416-7107.

Please also have two years of tax returns, 30 days of pay stubs and two months of bank statements ready and available.

Thank you,

Matt Bukovy
Senior Mortgage Consultant
Wintrust Mortgage
Web Reference: http://www.mattbukovy.com
0 votes Thank Flag Link Mon Dec 9, 2013
You should be able to show your income from the home as rental income that would be more secure than a regular rental.

I have a great Mortgage expert if you need one.
0 votes Thank Flag Link Mon Dec 9, 2013
Dear Mary,

Speak with a local mortgage lender. Here in Chicago I know it is two years.
0 votes Thank Flag Link Mon Dec 9, 2013
Talk to your lender. You should be able to.
0 votes Thank Flag Link Mon Dec 9, 2013
You do not give enough information. Contact a few mortgage lenders to see wht they say.
0 votes Thank Flag Link Mon Dec 9, 2013
I would talk to a Mortgage broker, they have options that banks do not.
0 votes Thank Flag Link Sun Dec 8, 2013
If you show the them the contact/lease they will factor that into the underwriting as rental income.
0 votes Thank Flag Link Sun Dec 8, 2013
Well you need a good expert loan officer with experience
0 votes Thank Flag Link Sun Dec 8, 2013
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