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Home Buying in 32701 : Real Estate Advice

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  • Home Buying5
  • Home Selling2
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Activity 5
Fri Dec 16, 2016
answered:
Hi Kellyw96,

The only option you'll have is an FHA mortgage. Fannie Mae & Freddie Mac loans require your DTI to be under 45% but FHA will allow up to 54.99%.

Another big concern is what type of mortgage you have on your rental property & how long it's been used as a rental property.

Here's why:

If you have an FHA mortgage on your rental property, the requirements for qualifying for another FHA mortgage get a little sticky. For example: Your rental property must have at least 25% equity in it & you'll have to have an appraisal done to prove it.

The only other thing I can think of is to have another lender (like me) review your tax returns to see if the DTI really is 50%

Take a look at the recommendations from some of my past clients on my Trulia profile by clicking the link below my phone number.

Please feel free to contact me for more information or help.

John Burke
Senior Mortgage Banker
Lending in ALL 50 states
Great Plains National Bank
jburke@gpbankTX.net
Apply Online: https://secure.smartapp1003.com/102471/?loanofficerid=106115
(877)228-9069
NMLS# 787231
http://www.trulia.com/mortgage-lender-profile/MTG%20Banker/#reviews
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0 votes 2 answers Share Flag
Mon Dec 12, 2016
Karen Weathers answered:
Hi Sophia,

The best person to speak with is a loan officer. Your credit may actually not be as bad as you think.
0 votes 1 answer Share Flag
Fri Sep 13, 2013
Abraham Bidhendi answered:
Hi There:

Below is the link to all the vacant lands for sale in 32701:

http://abidhendi.orlandopropertiesonline.com/listings/areas/29996/propertytype/LAND/listingtype/Resale+New,Foreclosure+Bank+Owned,Short+Sale/

Feel free to use my website to be able to search lands, homes,...

Thanks and I look forward to hearing from you.

Abraham Bidhendi
Top Producer Realtor® with over 26 years of experience
Awarded as Exit's TOP Buyer side Transactions for the State of Florida
We have had 142 successful transactions during the past year alone.
Exit Realty Access, LLC
Direct: (407) 744-2533
Fax: (407) 444-9925
Email: REOsofflorida@msn.com
Website: http://abidhendi.orlandopropertiesonline.com
Kissimmee Office: 391 N. Main St., Kissimmee, FL 34741
Altamonte Springs Office: 660 Palm Springs Dr., Suite D, Altamonte Springs, FL 32701
... more
0 votes 3 answers Share Flag
Sat May 25, 2013
Senswella Mincey answered:
It is a normal fee; however, you Realtor should have disclosed that information on your first initial meeting. It can and can not come out of commissions it depends on your relationship with your Realtor, but I would have to agree if you have received outstanding sevice from your Realtor just pay it. You will have what you want which is a beautiful home and a relationship for a lifetime. Most Realtors have fees to pay as well. At least you know for the next go around what questions to ask.

Good Luck and Congratulations!
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0 votes 18 answers Share Flag
Mon Jul 12, 2010
Kolette answered:
Thanks for all you replies and responses. After much research and consideration of your responses, I think we have decided to go the route of continuing to rent for a couple more yrs and then buy straight up with cash. We should be ready to do so in two yrs or less yrs. Thanks again. ... more
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