Profile picture for Team Robert Holeman

Team Robert Holeman

AgentTeam

10 Recent Sales (last 12 months)

Real Estate Broker / Owner (15 years experience)

Specialties:
Listing Agent,
Foreclosure,
Short-Sale,
Property Management

Advice

  • (5 Contributions,
  • 0 Best Answers,
  • 0 Helpful)

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Mortgage for a second house

Response

Great Question,Banks like to lend on a debt to income level of less then half. If your bills are around half your income, than you are at 50% Debt To Income Level. Most of the banks that I deal with will do 42% (some will do more) without a problem. The Lending Bank may reconsider if your home was on the market for sale or for rent. (This would depend on the bank) You said your credit score is in 600's. It would need to be 640 or better for most lenders. Certain banks will loan on a score of 620 or even less, but this would need to be a bank that liked your loan and did not plan on selling it to another bank as most do. Hope this helped.Robert HolemanOwner/BrokerFloyd Harbor Real Estatehttp://www.FloydHarbor.comSee Every Foreclosure In The Neighborhoodhttp://www.LiBankOwned.com

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how will a 203k or a Conventional (hold escrow for utilities)

Answer

FHA 203K Loan.If the utilities were not turned on for inspection, a minimum fifteen (15) percent of "reserve" is required. If the scope of work is well defined and uncomplicated, and the rehabilitation cost is less then $7500, the lender may waive the requirement for a contingency reserve.

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do you have contact with " rent with option to buy" thanks jimmy

Answer

It is possible to find homes with Rent with the Option to Buy.You are more likely to find this opportunity by searching houses for rentrather than Real Estate For Sale.This is because most transactions of this nature do not end with the sale of the Property due to the renter not exercising their option to purchase.Be prepared to pay a deposit higher than the average security deposit.(typically non-refundable if sale does not complete within a certain time frame)The rent per month would generally be higher than average, however you may be able to have a portion of past rent paid to go toward your down payment to purchase.This can be a fantastic way to become a home owner if you do not qualify for a mortgage yet, but are working on improving your credit, income, and/or down payment within the next 12-24 months.

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