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rental in FL relocated to NC now how do i buy now??

Job moved us to NC Dec 2013, FL home was put in as a rental May of 2014 with a company that handles all issues and payments. Income is $115,000 Year Salary. FL home is valued at $230k we only owe $173k, our payments are only $865 a month and renters are paying $990 (after fees taken out). we need 100% financing, and we have less than $25,000 in Debt, this includes all debt, car and stuff like that. my score is right at 715 last I checked. 1st Do I have to refinance the FL home as an investment property, our current rate is 4%? 2nd is there any way around PMI I really don't want to put 3.5% down cause my wife is concerned we will drain savings and then not be able to make repairs. 3rd any real advantage building a new home like dr horton, compared to buying property to put a modular on? many builders are building in tiny lots with huge communities but we want some type of yard for our four little kids. What kind of questions should we be asking when we go through the loan process. and if we are comfortable with a $1000 payment (our rent at apartment for year and a half) how should we gage how much house we can really afford with out being house broke, our budget allows about $1500 a month (insurance, dues, hoas, house note) this has been a comfortable amount we have set ourselves in the past with our FL home. by brainfreezefl27 from Huntersville, North Carolina. Apr 12th 2015 Reply

William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,726 contributions

The only way to get a "Zero Down" loan would be to buy a home that is in a USDA defined area ( but you might make to much money to qualify), or if you have VA benefits available to you.. for the most part, Zero down loans are long gone.. FHA requires 3.5% down, and yes.. you can purchase and you don't have to refinance your rental to do it.. if you have been claiming your rental income on your tax returns, then that income will be included in your qualifying ratios. As far as building a home, or purchasing a lot and installing a MFH.. not going to happen.. especially with no down... also understand that because you have a rental, then the lenders might require you to have 6 months reserves, or basically a savings account with enough funds in it to pay your rented FL home for 6 months. This might be required in addition to your down payment.. if you want to know more, you really need to pick up the phone and call a local mortgage broker.. once he looks at your complete loan profile, he can advise you properly.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714

Apr 13th 2015
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