Ed, Financing 1st deal? - Posted by G.Stephens
Posted by G.Stephens on February 04, 2001 at 22:32:52:
I am new to this forum. I like what I have seen so far. Thought I would get some input on my situation.
Duplex w/ an efficiency over the detached garage. Roof is new & so are appliances. Everything seems to be in excellent shape. One renter is long term. Property is close to a college & stays rented most of the time.
price is $75000.00
rents are 450 per side & 300 for the efficiency.
Seller says he may consider owner some financing, but he usually doesn’t.
28 yrs old & live in Louisiana
749 fica & wife has a 768.
My J.O.B has a base of $50000 per yr.
I have about $17000 in liquid cash.
have about 1300 going out a month (house note, small car note & student loan). No credit card debt.
My question is, does this seem like someone who should have a hard time getting financed? I talked w/ a local mortgage co. about a 90% ltv. They said I would need a cosignor. she said my house note is hurting me. It is an 80000 note for 10 yrs. House is appraised at 115000.
Anyone have any suggestions? Also does anyone have a formula that is like what a bank uses to approve a loan.
I hope this is enough info.