There are specific questions that need to be asked and answered, credit to be pulled, debt to income ratios to be calculated, but based on your narrative, it would seem highly likely that you would qualify for the new mortgage that you want.
Let's go over the numbers tomorrow. Please give me a call at your earliest convenience. I can be reached at 773-416-7107.
Or, if you'd like, you could go to my website at http://www.mattbukovy.com and fill out an online application.
Senior Mortgage Consultant
As per how much you qualify for it all depends on how much rental income and self employment income (wife) is shown on your taxes. It also will depend on how much you plan on putting down as a down payment.
Feel free to contact me at anytime to discuss further.
However, the overall picture will need to be painted with a items related to your current liabilities to help formulate a proper debt to income ratio.
Feel free to contact me if you have any questions or would like another set of eyes on your situation.
Diamond Residential Mortgage Corporation
Every bank has its own guidelines and credit requirements. I suggest you speak with three lenders and focus on the one who will be with you throut the whole process. If you need suggestions please let me know. Good luck!
Also, sometimes builders own a subdivision or a plot to build on. You should know that most banks will not loan money on vacant land. If they do, and they are few, it would be a local community bank. The idea would be to pay cash for the land if you can.
A lot of realtors haven't dealt with new construction- use one that has and definitely use a reputable builder. Be aware that no matter what the estimates are, you can expect to spend 10% more along the way and it always takes longer than you would expect to finish the house. If you have any questions, please consult me privately. I will be happy to answer any questions that I can.
The best thing you can do is contact a lender/loan officer to go over your income to see what y would qualify for. With the new rules coming out on January 10 th it is very important to get guidance from a qualified loan expert. Good luck in your pursuit of a new home.
Senior Loan Originator
One Mortgage INC
Senior VP of Mortgage Lending
VP of Mortgage Lending
Contact Kelly Price, 773-501-6653, email@example.com or Sam Sharpe, firstname.lastname@example.org, they are lenders and can give you a better sense of direction.
Another option would be to buy a home in need of repairs to make it your own, instead of building from the ground up, which can also be done as long as the foundation is in place, then a 203k loan would be ideal. The 203k affords you money to purchase and renovate. For this I suggest you contact Chris DePaepe, Guaranteed Rate, email@example.com.
Vice President of Residential Lending, PERL Mortgage
847.964.5533 Office | 847.964.5633 Fax
500 Lake Cook Road, Suite 420 Deerfield, IL 60015
I have worked with her for years.