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  • July 15, 2015 at 3:46 PM #787996
    Coronita
    Participant

    [quote=rockingtime]short sale../
    dont have any exp with court house pickings..,
    i am just an avg joe..[/quote]

    Cool. thanks for the info. Did you have any problems with qualifying for so many loans? I got the runaround trying to qualify on a w2 with an existing primary home and the first rental during that time. I almost had to partner up with someone to qualify. So i was just curious how you managed to pull this off when loan standards were pretty tight.

    July 16, 2015 at 12:10 PM #788006
    fun4vnay2
    Participant

    The second house mortgage was pain as the other house I am living in won’t have any rental income.

    It is not easy to get mortgage for second house unless you can show you can afford both the houses at the same time.

    July 16, 2015 at 2:12 PM #788009
    an
    Participant

    [quote=rockingtime]The second house mortgage was pain as the other house I am living in won’t have any rental income.

    It is not easy to get mortgage for second house unless you can show you can afford both the houses at the same time.[/quote]If that’s the case, how do you get your 3rd mortgage? Would it be nearly impossible? What did you have to do to get them to give you your 3rd mortgage? This is assuming that you’ve mortgaged both of your investment properties.

    July 16, 2015 at 2:48 PM #788010
    fun4vnay2
    Participant

    Yeah, I have mortgage on all three
    I always need to be in a position to be able to afford the 2 houses: The one I am living and another I want to buy.

    When I bought the third house, I simply showed them the rental receipts for second house, it means lender does not have to worry about second house as rent covers the mortgage for second house

    July 16, 2015 at 3:10 PM #788011
    Coronita
    Participant

    [quote=rockingtime]Yeah, I have mortgage on all three
    I always need to be in a position to be able to afford the 2 houses: The one I am living and another I want to buy.

    When I bought the third house, I simply showed them the rental receipts for second house, it means lender does not have to worry about second house as rent covers the mortgage for second house[/quote]

    But didn’t you have at least awaiting period before rental income on a new rental property could be considered as income? My understanding (as it was explained to me from lenders) was that my rental income could not count towards your “income” in qualifying for new loans if the rental property was relatively new (within a year or within 2 years for some lenders).

    July 16, 2015 at 3:36 PM #788012
    fun4vnay2
    Participant

    This may be the case but I put down a bunch of money and had quite a bit of equity from other properties.
    I didnt encounter a case where I had to show long history of rental income..
    this basically helped..

    July 16, 2015 at 10:32 PM #788014
    an
    Participant

    [quote=rockingtime]This may be the case but I put down a bunch of money and had quite a bit of equity from other properties.
    I didnt encounter a case where I had to show long history of rental income..
    this basically helped..[/quote]What would be considered a bunch of money? 20%,40%,60%? I didn’t know that % down matter.

    July 16, 2015 at 10:51 PM #788015
    CDMA ENG
    Participant

    AT&T is making big cuts starting July 31st… Time for Landline to downsize…

    CE

    July 16, 2015 at 11:20 PM #788016
    an
    Participant

    My sources tells me that although QCOM is laying off, they’re also hiring as well. So, maybe it’ll be net 0. We’ll never know.

    July 17, 2015 at 5:45 AM #788017
    Coronita
    Participant

    [quote=AN]My sources tells me that although QCOM is laying off, they’re also hiring as well. So, maybe it’ll be net 0. We’ll never know.[/quote]

    They are probably laying off higher paid people and replacing them with newer college grads.

    July 17, 2015 at 8:20 AM #788020
    ltsddd
    Participant

    Different divisions. Different skill sets.

    July 17, 2015 at 11:05 AM #788024
    fun4vnay2
    Participant

    I paid whatever lender asked me to put down so that I get approved for the loan
    It’s not about % but about able to afford the two mortgages at a given time

    July 17, 2015 at 11:35 AM #788025
    an
    Participant

    [quote=rockingtime]I paid whatever lender asked me to put down so that I get approved for the loan
    It’s not about % but about able to afford the two mortgages at a given time[/quote]I see, in another word, what you’re saying is, as long as your DTI ratio is <43%, you'll be fine. Also, don't you mean 3 mortgages? Unless you paid cash for one of them, where that one wouldn't increase your DTI ratio.

    Also, which bank did you use that allow you to use rental income from a rental that you just acquired w/in a year? The lenders I've worked with all said I have to be a landlord at least 2 years before I can use 75% my rental income as income.

    July 17, 2015 at 11:53 AM #788026
    Coronita
    Participant

    [quote=AN][quote=rockingtime]
    Also, which bank did you use that allow you to use rental income from a rental that you just acquired w/in a year? The lenders I’ve worked with all said I have to be a landlord at least 2 years before I can use 75% my rental income as income.[/quote]

    Ditto. That’s the part I don’t understand because it was to my understanding that wasn’t something that was at the discretion of the bank to make. That was something that was mandated by Freddie/Fannie Mac. So that’s why I assumed that was the case for all loans.

    July 17, 2015 at 12:06 PM #788027
    spdrun
    Participant

    Not all loans are GSE-backed…

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