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Financing in Astoria : Real Estate Advice

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  • Home Buying53
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Activity 2
Wed Feb 4, 2015
Shane Milne answered:
Steve,

It isn't a requirement that you find tenants, but if you want to use rental income to help you qualify then it's a requirement that there are tenants. The rental income can be considered without a prior landlord history if you use a Fannie Mae loan program or FHA financing (if you have a 2-year landlord history, then Freddie Mac loan programs will allow the rental income too)... 75% of the rental income (if Fannie or Freddie financing) or 85% (if FHA financing) can be used. FHA financing would only be for owner occupied properties though. You would need signed lease agreements and most likely receipt of the security deposit and/or 1st months rent.

Shane Milne | Lending in all 50 states | NMLS #81195
shane@thebesthomeloans | 949-273-4161 direct
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Mon Apr 11, 2011
Patrick Thies answered:
It's not uncommon for mortgage brokers to charge an application fee. You can ask around to different lenders and see what they charge. If you are working with a real estate agent, ask him/her if they have anyone they recommend. Sometimes the lender will wave the fee if the buyer is a referral from an agent. ... more
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