Am i knee deep?

bqtchef · Joined: 09 Dec 2007 Posts: 4

borrower
state... Texas
Loan amount.. 140,000 10% down
Property.. Single Family
Full doc.. not sure what u mean
stated... again not sure what u mean
Bank statement... yes
Fico score 740 to 760 all three
LTV ration 90/10
owner occupied

I own two other homes 1 in New Mexico the other in Texas both are rented out just this year, so not much history their, but have copies of the rental agreement.
Loan amount for New mexico house is 200k value is 450k
mortgage $1300 rent $1700

Loan amount on Texas house is 58k value is 80k
mortgage $573 rent $700

My rent is $575

My Debt to income is around 44%

I have a equity line of about 30k
2 credit cards of 17k
1 car loan of 13k
my income is 52k

I could include my wife but her school loan is 35k, and she makes 23k a year her score are a little lower then mine.
am i asking to much for another loan?

liverichly · Joined: 10 Feb 2005 Posts: 199 Location: Orange County, CA

Full doc is where you can verify/document all of your income, stated is where you can't verify/document all of your income.

Are you buying this home as owner occupied or as another rental?

How much are the payments on the equity line, the 2 credit cards, the car loan, and your wife's student loans?

bqtchef · Joined: 09 Dec 2007 Posts: 4

Full doc... yes
Are you buying this home as owner occupied or as another rental? owner occupied

equity line payment 200.00
both credit cards 350.00
Car loan 408.00
student loan 258.00
I was going to consolidate the 2 credit cards on the equity line which would bring the payment to 400, but i prefer 500

uptight mortgage guy · Joined: 23 Nov 2007 Posts: 30 Location: WV

You will likely have to show tax docs on the rentals and all rental income might not be used due to allowances for future vacancies.

However, your scores are great and your ratios are ok.

If you have reserves, it will be even a better deal in your favor ( 401 k, stocks, bonds, ect. ) Not that you will have to cash them in. Just that the bank likes to see them in case you have an emergency.

You say your wifes score is lower. How much?

bqtchef · Joined: 09 Dec 2007 Posts: 4

The local bank told me that since the rentals are both under 1 year that it was hard for them to use them even though i provided them a year lease. My wife scores are about 30 to 40 points below mine, but with the school load of 35k and a income of somewhere around 23k i'm thinking of leaving her out of the equation, but yes another but we live in texas and they require her to be apart of the loan.

uptight mortgage guy · Joined: 23 Nov 2007 Posts: 30 Location: WV

You should be able to use the leases. Only 3/4 of the rental income will be used. Other banks may have other guidelines. Your wife has a good score, even if below yours. I would consider looking at multiple lenders.