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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 Reply


Good afternoon, we usually like to see tax returns and credit report so we can assess the full situation. We would like to see how your current rentals are being reported. Which type of income you have and run a debt to income analysis to determine which route is best to go.

Apr 12th 2018
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Jeff Albrecht (jeff.albrecht)
#96 ranked lender in Texas - 76 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

Apr 12th 2018
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,754 contributions

If you are asking the question, the answer is almost always yes... Pay down debt first!

Apr 16th 2018
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