Mortgage Grapevine

Need FHA loan, FL, Primary but has 7 other properties, some income from assets

Must be FHA…It is an owner-occupied (primary home) but the borrowers have 7 other properties in Ohio. Each property is rented and also has a mortgage. First question: do you have any lenders that will loan FHA with that many properties?

Secondly, the borrowers are a husband, wife and the wife’s father, who will be an occupant of the subject property and on title. The father’s income is necessary for DTI qualification. He just retired and is receiving compensation for 1 year as a part of his retirement package. After that time he has both a regular retirement (long term) income that will kick in as well as a 401(k) with a healthy balance to draw from….these two things will replace his current income but will not kick in until his 1 year retirement ‘incentive’ is done. The question: how can his income be used to qualify?

Can anyone do this loan?
by naplesbestrates November 6, 2009 12:59 PM

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