Asked by Brian, 19406 • Sun Oct 23, 2011
My fiance and I are looking to purchase our first home together. I currently own a duplex that I am renting out (bought 3 months ago). We will be getting married next November. I have found a 6 unit apartment complex that looks like it could potentially be a good buy for us to live in while renting out the other units (doing my due dilligence). My question is how financing will work for the purchase. Purchase price is approximately 340k and I have 10% down available. Will this be a commercial mortgage? If so, what requirements may I need to meet in terms of DTI, downpayment, ROI, etc.? Also, will the rental income from the duplex factor into the DTI given that the property was only purchased three months ago? Gross income is 80K without the rental and 85K with the rental.
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