Looking for a lender who can help with a 2nd mortgage
I have a home but my uncle lives there and pays the mortgage. I want to get a second mortgage so I can have my own home but this first loan is giving me a hard time getting approval on the 2nd loan. Is there a way to work around this? Some say I need to sign a lease agreement with my uncle to offset the current loan, is this a good move? by luci106 from Dallas, Texas. Feb 1st 2023
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,843 contributions
Where do you live today? Rent free, rent? Unless the current home is a documented rental property - which means you are showing it on Schedule E of your tax return, all lenders will generally want to calculate that payment into your debt to income ratio. A possible alternative is to make it an official rental starting now with a signed lease and possibly proof of a few rent payments. I lend for home loans in MN IA ND SD and WI. Find me at MNbestrates.com | Cambria Mortgage, NMLS 274132
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