Best Loan for Retirement Home Purchase
I own a rental property in Utah and I am looking to purchase a retirement home in California. My credit scores are in the low 600s. I am currently paying for a student loan at $400 plus child support at $600. I applied for a loan and my lender told me that we can do an FHA in the $600k to 650k range with a 3.5% down but I would have to sell my rental units and pay off all my personal debts. I don’t want to sell my rental property since I have a five year lease with my current tenants. Are there other options for me? I feel like my lender is pushing for an FHA loan and nothing else. by demmel498 from El Segundo, California. Oct 11th 2021
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
Only a lender reviewing a full application can answer this questions, but i do see a few things here. First, it is all about qualifying income. It appears they are saying you don't qualify for anything in the price range you are asking without doing what they say to reduce your debt. next, a low 600 score is also problematic and can seriously reduce options. Feel free to Contact a LOCAL mortgage broker for a second opinion, but it isn't likely to change the answer. I lend in MN WI IA SD ND. Find me at FirstTimeHomeBuyer-MN.com - Cambria Mortgage, NMLS 274132
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