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Ok, i will try to make this short. This afternoon we are going to fill out paper to purchase a new home, we've already given a check to put a hold on the lot. So, here's my situation.
Originally we were looking at spending around 230,000, our plan was to just have my boyfriend on the loan, he has a score of 744, would qualify for fha, and according to his income he qualifies up to 262,000.
Ok, so we found a new construction home for 190,000, but since all these new homes pretty much come bare bones, no upgrades, atleast with this home. We've decided to add up to 100,000 in upgrades. So, in order for us to qualify for that amount i would need to get on the loan.
Here's my situation, i have a house that was gifted to me by my parents, it was supposed to go to me after they passed away, however due to certain circumstances, my parents needed to sign the house over to me now. On the grant deed, it does state that it was gifted, that was 3yrs ago. Just this past week i closed on a refi of the house, this is the loan type i got
conventional/full alt fnma 30yr fixed (212). My mom still lives in the house, but on the loan docs of course it stated that i reside there.
so here are my questions
will having this refi, cause me problems on this new loan?
can i still qualify for fha loan?
is the downpayment based on the base price of the home, or from the total after the upgrades?
what would be the upside to doing a conventional vs fha?
my boyfriend's anual income is 82,000, from my calculations he should qualify for 262,000, does that sound right?
the automated system will red flag your account because you claimed a primary residence with another property in the last 6months.
fha loan - i doubt it. Most loan officers will think you're committing fraud.
Downpayment is from the purchase price of the home.
Adding upgrades will increase the price of your home.........
It is recommended that you dont buy a house more than 3times your income.
Quote:
Originally Posted by fresnochick
Ok, i will try to make this short. This afternoon we are going to fill out paper to purchase a new home, we've already given a check to put a hold on the lot. So, here's my situation.
Originally we were looking at spending around 230,000, our plan was to just have my boyfriend on the loan, he has a score of 744, would qualify for fha, and according to his income he qualifies up to 262,000.
Ok, so we found a new construction home for 190,000, but since all these new homes pretty much come bare bones, no upgrades, atleast with this home. We've decided to add up to 100,000 in upgrades. So, in order for us to qualify for that amount i would need to get on the loan.
Here's my situation, i have a house that was gifted to me by my parents, it was supposed to go to me after they passed away, however due to certain circumstances, my parents needed to sign the house over to me now. On the grant deed, it does state that it was gifted, that was 3yrs ago. Just this past week i closed on a refi of the house, this is the loan type i got
conventional/full alt fnma 30yr fixed (212). My mom still lives in the house, but on the loan docs of course it stated that i reside there.
so here are my questions
will having this refi, cause me problems on this new loan?
can i still qualify for fha loan?
is the downpayment based on the base price of the home, or from the total after the upgrades?
what would be the upside to doing a conventional vs fha?
my boyfriend's anual income is 82,000, from my calculations he should qualify for 262,000, does that sound right?
the automated system will red flag your account because you claimed a primary residence with another property in the last 6months.
fha loan - i doubt it. Most loan officers will think you're committing fraud.
Downpayment is from the purchase price of the home.
Adding upgrades will increase the price of your home.........
It is recommended that you dont buy a house more than 3times your income.
ok, im still confused, do you mean i shouldn't be put on the loan whatsover? or i wont qualify for fha?, i don't understand.
and if i'm residind in one home, as your'e stating i can't purchase another home?
FHA does allow 'non-occupant' co-borrowers...but can only use like 80% of your income. This is also up to the Underwriter's discretion.
You can't claim 2 residences as primary properties.
Quote:
Originally Posted by fresnochick
ok, im still confused, do you mean i shouldn't be put on the loan whatsover? or i wont qualify for fha?, i don't understand.
and if i'm residind in one home, as your'e stating i can't purchase another home?
ok, im still confused, do you mean i shouldn't be put on the loan whatsover? or i wont qualify for fha?, i don't understand.
and if i'm residind in one home, as your'e stating i can't purchase another home?
You will most likely need to have your mother sign a lease saying that she's renting the property that she lives in so that you can move your primary home to the new house.
most lenders do not accept leases that are from family members.
They will probably accept it if it was file in the tax returns only.
Claiming 2 primary residences within a short period of time is a huge red flag.
Quote:
Originally Posted by pghquest
You will most likely need to have your mother sign a lease saying that she's renting the property that she lives in so that you can move your primary home to the new house.
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Just to add a bit of geography specific insight, California is a community property state. As such, your debt obligations will need to be considered when calculating your DTI ratio. Even if you are not on the loan, your credit will be run. The fact that you own another primary residence will raise a huge red flag. Is the LO you are working with aware of the other property? If so then you might want to talk to another lender, as I don't think that this will fly as an FHA loan. If not then be sure to make him/her fully aware of your total scenario. I know this because NV is a community property state as well and I have run into this situation (not exactly but very similar) before.
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