Pay Off Debt or Large Down
I am looking at my first rental property, $103k valued and loan amount needed is $115k. However, I have very high debt with two other homes I own and credit cards - about $16.5k/monthly. My income is $289k/annually. My FICO is 689. I have cash in savings and investments I can pull from to cover a large enough down to offset a higher rate, but what I would like to know is would I even be considered for qualification and would it be better to pay down my debt first? by BarbELambb43480 from Galveston, Texas. Apr 12th 2018
Jeff Albrecht (Doctor_Mortgage)
#92 ranked lender in Texas - 77 contributions
Barb, You have several loan program options, and the more that you can provide, the better the % rate. We also do have a Non-Owner Occupied Loan that is based upon the Rental Income received for the property; as well as Stated Income, and Full Documentation loans. Please email me to begin the conversation at Jeff@JeffAlbrecht.com
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,852 contributions
If you are asking the question, the answer is almost always yes... Pay down debt first!
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