21
Sep 10
I can’t get a lender
I have a borrower who currently has a $200,000.00 home that wants to lease it out because his children and the neighbors children are brutal enemies. However, the house that he wants to purchase is only for $100,000.00. My delima being that I can’t get a lender to accept this as an Owner occupied property. I have been working this file for a month with no success, so I am turning to the knowlege and wisdom of this message board for help. You guys have saved loans for me in the past. Lets see how good you really are! He has a 609 Middle score and the property is in Oklahoma.
You should be able to lease out the current property and purchase the new one… Of course the majority of lenders I know will more than likely look at the property with a new lease in the following manner: 75% of rental income (per lease agreement assuming you can prove a bonafide lease perhaps even with it notarized and with documented payment proof for 1st payment and deposit – speaking anally) counted and then purchase the new property as an OO property. 609 score… You should be able to work with this client and even get 100% financing if needed. What are your needs? You can possible go stated with this one… If debt ratio jives, consider treating the new property as a 2nd home… Keep us posted and I agree. This sight is a valued resource, let’s help by collectively contributing to this medium.