Hello Everyone,
Here is the deal. I’m 23 and live/work in Phx, Az. I bought my house (the one I live in) in Sep. 05. I have about 40-45k in equity. I have a good employment history. My credit score was about 722 when I bought my house but went down because of an apartment lease and a tax lein in Texas. This has been corrected and my score is about a 644 right now. My debt to income is shot to hell right now. I’m looking to buy 1 maybe 2 (If I can) Rentals in the Grand Rapids, MI area. Both would be about $140,000. I reallt don’t have any liquid cash at this time.
Basically looking for someone that can help me with this. Any Takers?
Thanks for the help,
Casey
Have you taken an application? Sounds like you’ll have to work with no income on your application. Properly structured, it can be done.
Ya, maybe if you can get a seller to carry 10%, get the seller to pay closing costs. He has income, it will just be stated.
100% CLTV
Seller carrying 10%
Buyer financing 90%
Seller paying closing costs
Stated income may not be available to you. You mentioned that your ratio was shot. This doesn’t just mean that you can state a higher income to qualify. As previously mentioned you would need to qualify with a program in which income is left off the application. By obtaining a heloc on your primary, this would allow you to put funds away for reserve requirements, closing costs not covered by seller contributions, or down payment funds if 100% is not available or too rich for your taste.
You mentioned that your score is ~644 and some things were just corrected. By corrected, do you mean that the issues have been resolved or they were errors on the report that shouldn’t have been there. If the scores are expected to go back up because of errors, the credit reporting services that mortgage brokers use may be able to do a rapid rescore. This would take just a couple days versus being at the mercy of the bureaus.