Young couple trying to move to Tampa / fair credit / high debt / another mortgage

Asked by Joan Ferreira, Elmwood Park, NJ Mon Feb 11, 2013

My wife and I would like to move to Tampa. I have an option to work from Tampa or NJ and we are seriously thinking about the move. the issue is I have a mortgage with my brother in NJ which eats up my DTI. My wife works here in NJ but will not have a job in Tampa yet if we move. How can I buy a home in Tampa with wife's name but taking into consideration my income? Looking for 100k to 150k property with about 15k to make move. Any recommendations?Additional questions? If this happens we are planning for Sept - Dec.

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Stephen McRory’s answer
Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Tue Feb 12, 2013
I seriously doubt you'll find any other lender offering all these programs below.

After reviewing these programs below, please email me at with the ones you'd like more info about:

1) 100% LTV- VA - pay off debt at closing on a purchases too!

2) 100% LTV- USDA - 12 mo. into Chapter 13 BK…OK Too!

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Go to: http://WWW.PRO-OPTION-COM or call 888-662-4404
0 votes
Lisa Reeves, Agent, Tampa, FL
Thu Feb 14, 2013
The best plan is as follows for institutional financing:

1. Modify the mortgage so that its in your brothers name only. If its FHA - you can streamline off.
2. Have your wife start the interviewing process now and get a future position for your transition.

You can start the process for home shopping before you transition using your current income but you will need proof that the income will continue when both of you move down to Tampa.

If you choose alternative options - 1. Hard money will be difficult for owner occupied due to the new mortgage regulations that have been happening and you will need closer to 50% down. 2. Option for Seller financing - with the number of buyers, sellers are finding it less necessary to do alternatives to get their property sold. However if you do this option make sure there is an actual closing and you do not do a payment for deed. Hope this helps, good-luck.
1 vote
Robert Adams, Agent, Tampa, FL
Mon Feb 25, 2013
Hello J ferreira,
There are some great answers to the financial aspects, and consulting with a mortgage broker to help navigate financing is the best course of action. I do have an expert in my office for that aspect, and working toward a qualification for your mortgage will put you in the best situation: with your time frame, things may be moved and adjusted allowing you to qualify under your income.

If that is not possible, there is another alternative: consider searching out for owners who will provide financing for a couple of years to allow for your wife to become established down here and develop an income stream under her name. That would also allow for the NJ property to become rental if that is pragmatic, and have that has a proven income source for a mortgage as well.

Just planting the seed: generally there are only a few owners in a given area that consider financing, so reworking the mortgage and financing to get qualified under your income is the ideal solution.

While you are exploring, feel free to get in touch with me, or set up a MLS sourced listingbook account to start exploring viable areas for relocation.

Robert Adams
0 votes
Annette Levi…, , New York, NY
Thu Feb 14, 2013
Forget about using your income on a mortgage if you are not on it.
I would suggest that you:
speak to your brother about refinancing the NJ property under only his name. The rates are low no so it might be in his best interest.
Go to your local non profit housing group for credit counseling. If your credit is fair, they will tell you what you are doing wrong and how to fix it. They will also work out a budget with you so you can work on paying off your debts.
After your credit has improved, speak with a mortgage originator to see what programs and loan amount you qualify for.
0 votes
Lynn Brock, Agent, Sarasota, FL
Thu Feb 14, 2013

A couple of ways, the home in New Jersey, who pays the monthly mortgage? If your brother and can show proof for past six months with cancelled checks that he pays, then the payment can be overlooked. This means that you are just on title and co signer of the mortgage.

You could consider a private mortgage or a lease option or contract for deed.

A good experienced finance person (in lending) can help you.

Best regards

Lynn Brock
Brock Realty Inc.
0 votes
Erek Kirsten, Agent, Tampa, FL
Wed Feb 13, 2013
Think outside the box! I can't figure out why so many in our field act as if going to an institution is the only way to finance a real estate acquisition. When in fact it can be the least desirable method from a buyer's point of view and this is comming from a licensed mortgage broker. The price range your interested in is at the top of the bell curve which means there is plenty of property with the right circumstances to meet your financial needs. If you need any help deciding whether to make the move just think how much you'll save by not having to pay any state income taxes. Cost of living is probably a lot cheaper too. Let me know if I can be of any further service. Best of Luck. Erek
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0 votes
Natasha McCo…, Agent, Tampa, FL
Tue Feb 12, 2013
Hello a few things I would suggest is 1 see if your brother can handle the mortgage alone to get you removed. Also you may want to talk to a credit pro and a mortgage co that work together to make sure your working on the best solution. I have a mortgage person and a credit co. That work closely together so if you contact me I can give you that info. Also there is some awesome mortgages her that have zero down options and the PMI is less then FHA so that helps with the payment and ratios. There is also down payment assistance programs that will help reduce the principle balance. I actually have several buyers that I'm working for right now from New Jersey. Contact us today so we can see how we can help
Team RN/Natasha McCormick
Century 21
0 votes
Bill Szydlow…, Agent, Tampa, FL
Tue Feb 12, 2013
The first thing you need to do, above all else, is to get pre-approved for a mortgage. Only a very good mortgage broker can go over the different scenarios with you to find you the best option that fits your situation. Once we have that, we can move forward to looking towards the purchase. Let us know if we can help you find the right mortgage broker first.

We look forward to hearing from you.

Bill Szydlowski
0 votes
Alma Kee, Agent, Tampa, FL
Tue Feb 12, 2013
Try a credit union. They may do your mortgage even if you do not "fit" the specific guidelines required by typical lenders.
0 votes
Tracy Hoyt, Agent, Valrico, FL
Tue Feb 12, 2013

Depending on the size and area of the home, there are many great places under $150K. Will you be transferring with your current company or making a move to a similar type job at another company? These are things a lender will look at when you are trying to gain a mortgage. I am currently working with another couple from the NJ area who is relocating to FL. We are working through each hurdle as it comes. I would suggest that you start by contacting a Lender to see what requirements they need from you. Sometimes enough savings makes a difference and if you are able to provide that, then possibly getting the loan would be easier. I have a great lender I work with. Her name is Pam Wirth and she provides her mortgages through a credit union so her regulations and rules are a bit different than a banks.

If you would like to talk about your up coming move, or speak with someone who knows the area and the real estate market, please send me an email directly at with your contact information. You can also review my profile on Trulia and message me that way also.

No pressure, just help.

Tracy Hoyt
Prudential Tropical Realty
0 votes
Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Tue Feb 12, 2013
I have the exact solution for your situation.

Contact me after 1:00 today


0 votes
Ken Allen, Agent, Clearwater, FL
Mon Feb 11, 2013
Good Evening,

If your wife is only on the loan then the lender will not take into account your income. If both of you were on the loan then that will probably be your best shot. I understand your DTI is being eaten up. A couple of options. First, if your wife is currently working in NJ, then you can close on a home just prior to moving down and use your wife's income. Remember, you will always skip a month from when you close before your first payment is due. Second, you can sell your home in NJ if that is an option. Third, you can rent it out, however, you will have to claim the rental income on your income taxes and most lenders want rental history for atleast a year. The best thing to do is speak with a lender so they can look at your best options in regards to you and your wife on the loan or just your wife. I have a few awesome lenders that I refer my clients to. Please give me a call and we can discuss this further and also talk about what you are looking for in regards to your home in Tampa. My contact information is below.

Kenneth Allen
The Toni Everett Company
0 votes
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