Forgotten Your Password?

Need to Register?

Question Icon

Can anyone help me find a loan?

I have two rental properties in texas. I'd like to purchase a primary residence that I would be living in. I have $190k to put down, and looking for something in the 400K-600K range. Are there any stated income loans with 60% ltv or 80% ltv out there? by jess3o from Houston, Texas. Jun 2nd 2010 Reply


Gregorio Denny (GVDenny)
#257 ranked lender in California - 380 contributions

I don't believe you can do a stated income loan in Texas; why do you believe you need one? Depending on the equity in your rentals, you may be able to use that income to qualify. You will need to prove your other income; if your tax returns don't show you having any, your chances of purchasing a property are slim to none.

Jun 2nd 2010
1
0
Akali Dennie (adennie)
#54 ranked lender in Florida - 196 contributions

My first question would be why do you think you would have to go stated income? Are you self employed? Are you afraid the rental income would hurt you since you claim a loss each year on them? If either of these are your scenario, you may still qualify for an FHA loan. If you can prove that you have at least 25% equity in your rental properties, you would be able to use 75% of that rental income to "wash" against the monthly mortgage payment on them. Then it would leave your regular income to qualify for the primary residence. With FHA, you should be able to go up to 50% Debt-to-Income ratio. So, as you see, you may actually qualify for a loan on your own income. Please email me with any more pointed questions. Hope this helps.

Jun 2nd 2010
1
0
Subscribe to our news feed.