You have many options available to you, it's just a matter of getting a few more details together, specifically your monthly income, and how much the house you would like to buy costs. Zillow is a great place to find a Loan Consultant to put the numbers together for you, and of course any local bank, credit union, or broker firms can offer licensed professionals to so the same for you.
Any Underwriter that approves a loan has the responsibility to not only make sure that the loan works for the lender, but that there is a obvious tangible benefit for the Borrower also. The documentation and letters are not only reviewed but also saved in the file for future audits by lending agencies. This was all added to the lending rules and regulations to ensure that the Mortgage/Real Estate meltdown doesn't repeat itself.At my bank, we help our borrowers get those documents and all necessary letters together at the beginning of the process, since that's the time that the borrower is willing to put time aside for document gathering. That way we cut down on most last minute running around and stress for our clients. Good luck in your process, and keep your head up, you're almost done! :)
Hello, I'm a licensed loan officer in the state of Oregon.I ran the numbers based on the information provided by you, and I see a scenario where my bank would approve your loan. I used up to date pricing, and I'm confident our Underwriting team would approve you on a 30 year fixed loan with no Mortgage Insurance, thus giving you monthly savings not possible with FHA loans.Let me know if it's something you would like me to look at, please contact me through my profile.
The rental property is not going to hold you back from purchasing a bigger home to live in.The only thing you have to be concerned with is that you won't receive credit for the rental property income the first year, so all of the monthly payments (tax, insurance, Association) will count against your debt to income ratio.Other than that, you're good to go, specially with the $60,0000 down payment. Depending your payments on your first home, it sounds like a realistic goal.
I think with a little more information, I can at least give you some solid advice...Feel free to contact me through my profile.
I think the reason most people didn't answer your post is because of the low loan amount. They don't want to answer any questions unless they think they can take advantage of your business.You have many options available, typically when you have such a high down payment, there are much less restrictions to securing a loan. There might be a slight add-on to your rate based on the small loan amount, but it will only affect your payment by a few Dollars a month.I would look at local banks or Credit Unions, and if you don't want to spend too much researching, sites like lendingtree or lender411. Hope this was helpful.
If you had your credit checked for your loan application, you have 45 days to have other banks run your credit without any further hits to your score. Take full advantage of this opportunity.Each bank has a product that they are the strongest at, which they can typically offer the lowest rate for. Although, I've learned that most clients prefer great service/speedy closing over the lowest offered rate. For example, on a $300,000, 30 year loan, a .125% difference in the rate translates to only $22 a month on the payment. To some clients, it's not worth dealing with a 60 days process for those savings when they can get a smaller local bank to finish the whole process in 15-20 days. Either way, you have options and should take full advantage.
Sounds like you need a Financial Adviser. I know a few very good ones, I could recommend you depending on the State.
On the right side of your profile, you should see links to your Facebook, Twitter, etc...pages. It won't have the logos but the names will show up, and clicking on them should link your client to your pages.I hope that was helpful!
Johnie, are you looking for Realtors in Denver? I know of quite a few as my family lives in the Denver area. Let me know if I can refer someone to you.