Here I am….looking to buy cash Screw these rules

Can I use projected rental income for season(s) I won't be living there to qualify for a higher VA Loan amount even though it would be my primary residence? My goal is to max out the VA Loan benefit to build as much equity as possible at zero down. And/or use projected rental income by renting out a spare room while I am there, or is that only possible with multiunit properties?

@gringocriollonate

2 ай бұрын

Rental income from the subject property can only be considered is the property is a multi-family property and only long term lease income. So they wouldn't not consider boarder income from a room. Hope this helps!

@TBaggingSociety

2 ай бұрын

@@gringocriollonate Yes, it certainly does help.Thanks for the info!

@gringocriollonate

2 ай бұрын

@@TBaggingSociety Sure thing! If you have any other questions, feel free to reach out: nstewart@colablending.com

For condo’s on conventional loans, what is the LTV. Is it always 80% or can it be above 80%?

@gringocriollonate

Жыл бұрын

Thanks for your comment! That will depend on the intended purpose of the property and the loan program. If it would be used as your primary home, FHA allows 3.5% down. Conventional primary home would be 5%. If it would be for a 2nd home, 10/15% is possible in the current market (rates have been hard to get for months and this is only recently possible). If it woul dbe for an investment property, 20/25% down would be needed.

@joaoroca4690

Жыл бұрын

@@gringocriollonate Thank you!!!

Would you have a list already of condos that meet the warrantable and master insurance?

@gringocriollonate

Жыл бұрын

Hi Fernando, unfortunately we don't have a list because warrantability is a moving target since a condo could be warrantable 1 month, but not another due to financial issues that crop up, changes in administration, special assessments, litigation, etc. So lenders will still want to evaluate a condo's warrantability right once the loan goes to underwriting.