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Like to purchase a $800K rental SFH with $300K down and $500K loan

Have +800 credit score, income of $300K and only other loan is a Home Equity Loan of $200K with a current balance of $170K. Would I qualify? Should I pay off the Home loan and use a smaller down payment? Purchase property is rented and shows $2000/month income currently. by jkupch_505_129 from Mantua, New Jersey. Jan 26th 2013 Reply


Steven Ceceri (CreativeFinancingOptionsGroup)
#36 ranked lender in Massachusetts - 723 contributions

To fully analyze all loan options, you should take a few minutes to make a full application. From what you listed with your income, it would seem you are well qualified, but there are many other factors than just income and credit score to be concerned with. I would be happy to work with you on this so just let me know if you'd like more help! View my profile and contact me through this site to discuss your loan request offline! Thank you and enjoy the day!

Jan 26th 2013
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Manuel Gonzalez (mmortgage1)
#91 ranked lender in New Jersey - 90 contributions

The loan you obtained to purchase the investment will not affect your purchase. Depending on what expenses you carry, resulting in your combined debt to income ratio, will determine if you qualify. I would need to ask you a few more questions in order to properly advise you. I'm available to speak and answer any questions over the weekend. You can reach me on my cell phone (201) 726-2662.

Jan 26th 2013
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Dave Pressel (DavePressel)
#93 ranked lender in New Jersey - 12 contributions

You should qualify for that no problem based on the figures you provided. However, with $2K per month rental income you will most probably be upside down regarding income coming in vs payment going out. Are you getting this house at less than what it's worth?Dave PresselCell: 908-208-2036

Jan 26th 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,124 contributions

The only way to answer your question is to sit down with a local non-bank Loan Officer and give them a full application.

Jan 26th 2013
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Nicolas Amaro (NickAmaro)
#92 ranked lender in New Jersey - 23 contributions

To your question "Would I qualify"? Probably yes...one factor that would influence wether you qualify or not is your total debt. Should you pay off the Home Equity Loan? It depends on your total financial picture. It appears to me that the current rental income suggests a negative cash flow...so you should be careful. Give us a call or send me an email and we can discuss the possible options that would best fit you needs. We are here to help....

Jan 26th 2013
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Kofi Akpabla (KofiAkpabla)
#21 ranked lender in Connecticut - 37 contributions

I'm confident that you will qualify. You do not have to pay anything off. You can call me at 914-844-1602 if you would like a preapproval letter and a rate quote. I can get that over to you today.

Jan 26th 2013
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Ted Ark (tark@goldmortgage.com)
#31 ranked lender in New Jersey - 37 contributions

Strickly based on your financial numbers, you'd probably qualify. However, digging deeper to determine if you are qualified for a mortgage:- 2 year stable income (W2 vs self-employment) in same line of work- source of downpayment (in your bank for 60 days or liquidation of other asset)- purchase in name of corporate entity or individual name- any other co-borrowers (we would have to use their credit score if it is lower than yours)- property in a flood zone?- number of properties you currently own w/financing- for mortgage underwriting, do you have a 2 yr history managing investment rental property in order to be able to use rental income from subject purchase, to offset the the monthly mortgage- REO purchase?Good luck!Tedoffice #908-722-9217 x11

Jan 26th 2013
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,244 contributions

You have many options from the info you have provided, the best way to figure out the Best Mortgage Option for you would be to analyze your entire situation. At first glance it doesn't seem like you will have any problems qualifying at all, but until we have all the facts we wouldn't say definitely. we would like to talk with you to find out more about your short term and long term goals so we can come up with what options are available to you and then choose The Best Mortgage Option to suite your needs and to help you achieve your goals. Please allow us the opportunity to get to know you and help you achieve your goals. we can be reached anytime, call us at 201-962-3555 or email us at Team@BestMortgageOption.com and we will give you a free no obligation consultation! Ask for Benny or Michelle

Jan 26th 2013
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Barclay Butler (Barclay)
#83 ranked lender in Illinois - 74 contributions

You would need to take an application online or over the phone to determine if you qualify. You can call me at 224-420-9990. or go to my website www.barclaybutlerfinancial.com.

Jan 26th 2013
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