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want to uy a 600000 house in bakersfield,ca.income is 150K +, i own 2 houses, and want to rent both out, what are my options

by jacktrobaugh906 from Shafter, California. Jan 24th 2016 Reply


Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,240 contributions

The only way to evaluate your options would be to have a lot more information. If those homes are not already rented it may be more difficult to count the rental income to offset expenses on them. Also would depend on what other monthly debt you have, the size of the loan on the new home, taxes and insurance for it, etc.

Jan 24th 2016
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Will expect to have to put down at least 10% or more because it's Kern County and your sales price is $600K. You may qualify but we have to see the full loan application, your tax return history as it relates to those rental properties as well as all your other debts and credit score. If you like you can call me at 818-284-6481 anytime and I can figure this out for you within 24 hours.Martin MesaRate One Financial, Inc.Mortgage Loan Originatormmesa@rateonefinancial.comNMLS ID 250617

Jan 24th 2016
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Sounds like something we can get done. We can simply order rent surveys. Please submit your initial application at www.mwfhb-dealba.com.

Jan 24th 2016
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,722 contributions

MUCH more info required to answer your question.. Is your scenario allowable? YES.. can you qualify? Who knows! Lending guidelines allow for up to 10 financed properties.. so having 2, and going for a 3rd is not a big deal.. can you qualify is the real question... Income, Debt, Debt to income ratio, Credit scores, Property types, Cash reserves, down payment.. etc, etc, etc... without knowing all the details, it's impossible to say if you can or cannot. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. 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 WilliamAcres.com NMLS# 226347

Jan 25th 2016
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Larry Gray (lgray_312_247)
#594 ranked lender in California - 1,139 contributions

I am in agreement that you should allow a California mortgage consultant to evaluate your situation. it is possible in a best scenario to be able to count the rent for the two properties (75% of it be subtracted from the monthly debt determining your debt to income ratio for qualifying.) If you could use another perspective and another full quote (good faith estimate) I would be happy to provide that for you!

Jan 25th 2016
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Blake Kleckner (BlakeK)
#389 ranked lender in California - 258 contributions

Too numerous to explain here without more information from you. Give me a call 16/7, or email me your phone number so I can call you, and I'll be happy to go over your options with you. To learn more about me and our mortgage brokerage, click on my picture. When the next page pops up, click on "Website" and you will be redirected to ours. If you get a chance, read some of my blogposts on Lender411. They are quite informative. We work exclusively in CA and get loans done fast, typically in less than 30 days, at low interest rates and costs. I started doing mortgage loans in CA in 2006, and only do them there so I have an exceptional understanding of this extraordinary market. Representing more than 50 quality lenders that offer in excess of 1,000 loan programs, we definitely have something for everybody.

Jan 26th 2016
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