You seem to be in a pretty decent buying situation. Would you be buying your new home in Fallbrook? There are some quite nice homes in your price range in Fallbrook these days.
I know and have referred some very high caliber lenders in both San Diego and Riverside County. Get one who will be totally honest with you. It's best to go to your lender and lay all your cards out on the table.
And, as an aside, if you happen to have any side businesses, please tell your lender about them. One of my buyers was so close to closing a deal when underwriting threw us a curve -- besides being a nurse, she had a small T-shirt business that really didn't make her any money -- but it held up everything! Feel free to contact me for a short list of lenders who have come through for my buyers. Best, Thalia
This way the Loan Officer can update your loan pre-approval as needed so that you can provide the best documentation necessary and make your offer as good as possible. It's very competitive right now and having all of the best possible pre-approval submitted with your offer will help.
I want to make sure that I'm clear on what you are looking to do. So you own the home that you currently live in now and are planning on buying another home as your primary residence? You will be moving out of your current home, renting it out and moving into another property? Even though the 30% equity rule does exist the good news is that there are a lot of ways to structure a loan for approval. For example FHA guidelines do not have a 30% equity requirement on your current home and will use 75% of the rent. Debt to income ratios vary from investor to investor and compensating factors can help with approvals as well. Give me a call when you have some time and I will answer and address any concerns you may have in more detail.
All the best,
I have a few clients that are in the process of searching for second homes. While it is a harder to get loans for second houses in this market, it is not unattainable. My suggestion to you is to seek the services of a Mortgage expert who can run your financial picture and see what is possible and what is not. On a side note...as I tell all my clients, let's learn from this mess and make sure whatever you are purchasing does not leave you in a paycheck to paycheck or rent check to rent check situation.
I have utilized ALEX CARAGIANNIDES --branch owner of the lending group with my clients whom are pruchasing income properties and second homes, he is honest and efficient. His number is: Office: 619-238-0018 maybe he can help you get a better idea of what your position is.