I want to use available funds to put a down payment on a condo that is in the 30,000 to 50,000 range. I have a current mortgage of 16 years for my 2

Asked by jane, New York Sat May 12, 2012

flat. my DTI is high, but other than my mortgage I have no other debt. I use a debit card for everything, do not own a car...etc. I have crunched so many numbers just to get a sense of my ability to make buying an investment property doable. the lender I am talking with says it won;t be a go unless I get someone to co-sign, which was my idea, but I would of course prefer not to, I have a FICO in the 750's I believe. I've paid the present mortgage on time for the last 16 years. There's more info ...

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Ivan Sagel, Agent, Chicago, IL
Tue May 15, 2012
Hi Jane,

To buy a place for $30k, you will most likely have to pay cash. Can you pull the equity out of your 2-flat to pay cash for the new place? I can recommend some good lenders.

Best of luck,

Ivan Sagel
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Diana Willia…, Agent, Chicago, IL
Sat May 12, 2012
Are they counting the rent from the purpose investment property?
0 votes
Tony Guisto, Other Pro, mokenA, IL
Sat May 12, 2012
Another option is to see if the person will hold back the mortgage on the property you are buying. Or do a lease option agreement. I've got a condo that I am looking to move, if your interested contact me and we can discuss further.

Tony Guisto
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Joe Schiller, Agent, Chicago, IL
Sat May 12, 2012
high dti when rates are 4% and your collecting rent means no more homes
0 votes
Matt Laricy, Agent, Chicago, IL
Sat May 12, 2012
Call a lender up. If you need a reference I would be happy to help.
0 votes
Philip Sencer, Agent, Chicago, IL
Sat May 12, 2012
My web site has some lender refernces. GIve them a call and see what they can do. It does not cost anything to speak with them and their are lots of loan programs out there. Once you find one that works and you want some help with the offer let me know.
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