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.