Home Buying in Philadelphia>Question Details

Michelle, Home Owner in Philadelphia, PA

60K salary with a 220K mortgage. Is there any way I could qualify for another mortgage? If so, how much could a bank possibly offer?

Asked by Michelle, Philadelphia, PA Thu Jan 3, 2013

Last time I checked my credit it was around 730 . My mother currently lives in the house and pays the mortgage (it's just under my name).

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Answers

6
Jonathan Unrath’s answer
Send me your email and I will have you talk to my financial adviser. He can work with you and see what you could get approved for. Doesn't hurt to call and ask. He is a great guy.


Jon Unrath
JUnrath12@comcast.net
Weichert Realtors Media
267 968 1505
0 votes Thank Flag Link Fri Jan 4, 2013
It is best to talk to a lender. Even if you receive rent all year lenders do not consider 12 months of rent as income . . They use a percentage and will consider the mortgage as debt. It will affect your ratios.
0 votes Thank Flag Link Thu Jan 10, 2013
Thank you for your responses. I currently do not have a documented rental agreement (lease) for my house. My concern is that the money used to pay the mortgage will be considered income even though I am not making any profit and I will additionally be taxed. Does anyone have experience with this? I'm not sure what the best way to proceed is.
0 votes Thank Flag Link Fri Jan 4, 2013
Sure, Give me your email address and i can put you in line with my financial manager and he will be able to work it out for you.

JUnrath12@comcast.net
Jonathan Unrath
Weichert Realtors Media
267 968 1505
0 votes Thank Flag Link Thu Jan 3, 2013
You'll need the following: % of equity & copy of lease, in addition to all the other usual and customary items. Good Hunting!
0 votes Thank Flag Link Thu Jan 3, 2013
I don't know what the taxes are or your other debts but it should work.

Happy to run numbers with no obligation.

Fred Glick, NMLS #133975
U S Loans Mortgage LLC #51022
215-238-9400
fred@usloans.com
Web Reference: http://usloans.com
0 votes Thank Flag Link Thu Jan 3, 2013
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