Cаn уου bυу another material goods a month аftеr уου bυу уουr first home?
Hοw long dοеѕ іt take tο gеt уουr confidence notch tο аt lеаѕt a 600 аftеr purchasing уουr home?
Cаn уου gеt a loan οn уουr home, οr refinance rіght аftеr bυу іf nοt whats thе minimum wait?
Iѕ іt simpler tο gеt approved fοr a home whеn уου tеll thеm уου want tο rent іt out?
Thanks
Please answer these Real estate questions? To the best of your ability I will pick a best answer. Thanks.?
Previous post: Tips To Choose Children’s Clothing
Next post: Buying Guide For Bedroom Furniture
{ 4 comments… read them below or add one }
Yes you can buy another material goods right after you buy a home
Your confidence is touchy but being over 600 shouldnt be hard as long as you have excellent payment history and minimum confidence card debts
Yes you can get cash out of the household right after you close, 90% per fannie mae guidelines
You need to be honest on your application otherwise itll be found out ( owning 2 homes) if you are buying it as an investment material goods you need 10% down per fannie mae guidelines
1. Yes if you qualify. But if you barely qualified for your first home then don’t count on it.
2. That depends on all of your other confidence as well as the loan on your home. It’s not that simple. Visit fico.com to learn about confidence scores.
3. There is not minimum wait to refi, though you have to qualify (as in question 1) and the material goods has to have sufficient value to support the refinance loan. There are fees involved in each new loan and your material goods may really be less than when you bought it.
4. It’s usually harder to get a loan when you try to keep your ancient one and rent it out. The on loan household now works against you because you have the loan, taxes, vacancy and repairs that you didn’t have (so much) when you lived in it.
1) If your income records show you have the capacity to pay for the additional material goods .
2) Until your debt to income ratio is not more than 30% , how quick can you pay off debts ? We don’t know your finances, you do .
3) If another lender is willing to refinance for you, it is up to them, ALTHOUGH your current lender may have a prepayment penalty . . . again, we do not know your paperwork, you should read it.
4) Some lenders do not care about rentals, but some really prohibit it. Question the prospective lender what their policies are about investment lending (renting it out is investment, not owner occupied)
1. You can buy another material goods the same day of closing!
2. For your Confidence Notch to get a least above 600 you need to make sure your Debt Ratio and Income Ratio are not maxxed out above what you can technically live on. If your DTI or Debt to Income is around 45-50 you will be ok. But if you incur more debt above this than you may lose FICO points monthly because you have become a liability to Confidence Companys. So make sure you keep your Confidence Cards down to at least 30% of the maximum and if you incur another mortgage payment that does not exceed your overall debt ratio.
3. Usually for a First Time Home Buyer’s the Lender’s will request that you wait at least 6 months before you can buy another home. But since some Lender’s dont care you can buy or take on another mortgage payment the same day of closing or next day of closing.
4. You can buy an Investment Home but make sure that you have a tenant already lined up or you have at least 6 months of PITI (Princinpal Interest Taxes Insurance) in your Reserve Account. This way if the tenant leaves you can still makes the payments. You will take some Interest Rate hits for going Investment Material goods. Also you may want to consider interest only loans 5/1 or 7/1 arm. Some may request you to look into a Option Arm but If you are new to the game I would suggest sticking to the Interest Only Arms for now.
Any other questions please feel free to question