Nesdam47, Home Buyer in Nashville, TN

my wife and i are interested in this home can we qualify for this home my score 660 hers 675 we own 3 rental homes but credit cards are maxed out

Asked by Nesdam47, Nashville, TN Thu Feb 7, 2013

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9
The mortgage guy I work with can get you a loan with your scores.
Email me please:
kennytherealtor@comcast.net
Thanks!!!
0 votes Thank Flag Link Sun Feb 10, 2013
Your question is pretty straight forward, but your qualifications for purchase your next home will be mainly based on how you file your taxes, not just your down payment. Many people, not wanting to pay Uncle Sam any more than they have to, will actually hurt themselves depending if they are claiming losses on your rental properties. We lenders have tools that will help us determine what your income is based on your 1040s not just what your rental agreement show. Since you have 3 rental properties, my advice to contact an experienced Loan Officer so you can know definitively what you can actually qualify for.

Best of Luck!
0 votes Thank Flag Link Thu Feb 7, 2013
All good answers! Get pre-approved first, and when you need someone to show the property or any other one in the Nashville area, give me a shout out.
0 votes Thank Flag Link Thu Feb 7, 2013
Please email me. I have a great lender here in town I can get you in touch with.

LindseyMaestas@kw.com

Lindsey Maestas
Keller WIlliams Realty
0 votes Thank Flag Link Thu Feb 7, 2013
Nesdam,

To answer you question. I would need to know how much you have for down payment, your income and need to review tax returns to see how your rental properties cash flow. I'm a mortgage banker at Fifth Third and have over 9 years experience helping home owner's purchase homes for primary residences and investment properties. Credit score is not the critical factor for this scenario. What is most critical is whether or not you can qualify debt to income and have the necessary down-payment. If you don't have any homes financed using FHA then you may be able to put as little as 3.5% down.

Feel free to contact me by email-ThomasS.Hall@53.com or phone 615.525.7805

Thanks,
0 votes Thank Flag Link Thu Feb 7, 2013
It is all depends on what you can put down and what your income looks like. Unfortunately without running a full credit report and getting all the income it is to hard to say.

If you would like me to run a pre approval feel free to call me or email me at the information below.

Rory Lithgow
Branch Manager
Home Lending Source
615-627-4868 Office
rorylithgowteam@thehls.com
0 votes Thank Flag Link Thu Feb 7, 2013
Nesdam,
I have a few lenders that you could contact and they would be happy to see if you qualify over the phone. You may qualify for a THDA backed loan which will accept lower credit scores. Even though their products are for first time home buyers you can still qualify if you haven't owner occupied a home in the past three years even though you own rentals. I am a THDA approved Realtor and would be happy to help you get in touch with the right lenders to see what loans you qualify for. Email or call me and I will get you on the right track!

Ronnie Hill
Keller Williams Realty
Cell: 615-743-5600
Office: 615-425-3600
Email: Ronnie@ronniehillrealestate.com
0 votes Thank Flag Link Thu Feb 7, 2013
Nesdam,

Thank you for inquiring about 8731 Griffith Rd. Your question is a mortgage rep question, I have several if you would like a list, please email me directly at boykinc@realtracs.com or call me at (615) 943-4256 so I can give you their names, phone numbers and email addresses.

Have a wonderful day,

Joy Boykin, Realtor
(615) 943-4256 Cell

Cindy Doss, Admin Asst
(615) 868-1600 Office
0 votes Thank Flag Link Thu Feb 7, 2013
my wife and i are interested in this home can we qualify for this my scrore 660 hers 675 we own 3 rentals but credit cards are maxed out mabye 4000 to put down
0 votes Thank Flag Link Thu Feb 7, 2013
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