About to put in a Morgage App on a 4 Apartment building in Maine

About to put in a Morgage App on a 4 Apartment building in MaineAbout to put in a Morgage App on a 4 Apartment building in Maine
GoodvinLels asked 5 years ago

So I’m looking for a little guidance on what my chances are on being approved for a loan on a 4 unit building that I am currently living in.

I put in an offer for 250k which is signed and accepted with 1k earnest money already paid by me.  I have heard conflicting reports if lenders will take current rents into account when deciding whether to approve the loan. Should I go for an FHA, or a conventional, would I even qualify for conventional?

 

I make 50k A year, solid 5 year history of increasing pay

The units rent for 1- 900 2-850 3-650 and 4-950 I have carefully gone over the income and expense sheets and the numbers work for me.

I have 30k for a downpayment

I pay 200 a month on student loan debt of 60k

My score is 698 with a mortgage score of 712

I have no degrogs all accounts paid on time and a fat file

about 9k CC debt that is all in Zero percent interest accounts paying about 200 a month on that

 

I am successfully managing 3 other apartment buildings for a relative.

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