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Financing in 48103 : Real Estate Advice

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  • Local Info0
  • Home Buying11
  • Home Selling4
  • Market Conditions2

Activity 4
Sun Dec 29, 2013
Dan Tabit answered:
Carverd,
You have good questions, but you need to ask them from a local contact who has more facts than you should post on a public site.
Last I knew, banks would not consider rental income until you had a year or more of it collected, so your rental income will not be useful in qualifying. When it does count, only 75% will be added to your income, to offset vacancies & maintenance. Now the rules change, so double check this with a local lender. They don't charge by the question, and they can examine your income, assets and employment to see if you will qualify.
Don't commit to the rental until you are able to verify you can make your purchase.
An ARM should only be considered if you plan to sell the home around the time of an adjustment. ARM's now qualify you at the fully indexed rate (the highest rate it may adjust too) so it may not be helpful anyway.
... more
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Sat Dec 28, 2013
Missy Caulk answered:
It depends on the lender but generally yes. Although I have seen some that will get through under writing with a signed lease once they review it. It depends on the reserves you have saved. ... more
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Sat Jan 19, 2013
Tom Stachler, ABR,CDPE answered:
Check with Greenstone Credit who does a lot of vacant land. www.LendAnnArbor.com and let us know if we can be of any help finding property for you.
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Sun Jun 24, 2012
TyrenePasco answered:
indeed i agree! since the changes in this industry u should be able to find many of bank lender 's that will finance easily with 30% down along with a credit score of 650 Dan.
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