Hey all,
I am trying to find the right mortgage for my first investment home. One of the problems I am having is my debt to income ratio. If I give you a little portfolio of my income and expenses, it would be of great help if one of you mortgage savvy people out there could give me some insight on what kind of mortgage I should be shopping around for.
Gross monthly Income: $6833.00
Primary Residence Home Mortgage, Taxes, Insurance: $1400.00
Other monthly debt: $910.00
Investment property purchase price: $96,800
Income that property produces on a monthly basis: $1150.00
Any insight on which kind of mortgage to start pursuing would be great.
My credit score is 751 and my husband’s is up there as well. I also claim self employment on my taxes. I don’t know if that tid bit of info is at all relevant…but…
Keith,
I am so sorry, but but I truly don’t know anything about this stuff. What does “hold” mean, and if there are any lenders out there that can get me a no money down deal with all the information I just provided, I would greatly appreciate their contact information.
My brother owns the home and i is valued at $121,000.00
He is willing to sell it to me for $96,800 (80% of its full value) It would be a non owner occupied duplex. I have no money for a downpayment or closing costs, and my brother said he is willing to do a seller soncession to pay for the closing costs.
Any contacts would be greatly appreciated.
Thanks again Keith for all your replies,
JayDee
Like I said, I’m not a “money guy” but if what he says is true, I would think that lots of lenders would be glad to do business with him…
Where have you tried, JayDee?
PMI is usually a factor of cost, so it depends on the amount of the loan being protected…probably about $40 - 150 depending on the amount…butit’s like stting your money on fire…it’s not deductable on your income taxes and does nothing to protect you.