Asked by Monique Hall, Milwaukee County, WI • Mon Oct 24, 2011
I am looking for lenders besides Wells Fargo that has flex programs for conventional loans. I am interested in a 97/3 based on 12 month payment history. I only have a middle Fico of 610. I currently own a home that has an FHA loan that I will rent out. Wells Fargo (WF) will not accept it as rental property because it is a single family home. I have an interested renter who would pay $800/ month. My mortgage with taxes and insurance is 1100/ month. WF wants to use the current home against total home loan amount, which only leaves about 130,000 left to borrow. Are there any extenuating circumstances such as my current home only being a 2 bedroom and my two children are opposite sex and cannot continue to share a room. Someone thought that because of this I may be able to qualify or a second FHA or maybe a private mortgage broker could manually underwrite this. Do you know any that will in my area?
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