Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
In the context of using it to buy a primary residence where all debt will be considered into his ratio.
But not for calculating rental income which is the point of this thread . Your initial example and response was wrong, misleading, and exactly what has confused the OP in the past. The original question has been answered. Feel free to keep this thread alive so you may have the last word.
But not for calculating rental income which is the point of this thread . Your initial example and response was wrong, misleading, and exactly what has confused the OP in the past. The original question has been answered. Feel free to keep this thread alive so you may have the last word.
Your example of using the $6500 debt that includes the rental property debt is wrong.
So you are saying that monthly debt on a rental property is not debt?
Anyway he should be asking his lender. They are the ones who make the determination.
See the second answer on this link. I think what they are trying to say is that your rental properties will not be counted towards you debt because you have positive cash flow income can improve you DTI, but you need a lender who understands this because it's up to them.
There are loans that only look at the property's rental income and the new mortgage payment. If the rent covers the mortgage they do the loan and don't care about your current debts unless you have a bankrutpcy, foreclosure or short sale. I am not here to promote but we can do these if you need financing in CA, CO, FL, or TX.
The context of this thread calculation is rental income.
Yes.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
