Can I qualify for non-FHA loan?

Anonymous · ‎07-04-2016

I am thinking about trying to get a mortgage for a house that would NOT be my primary residence. My primary residence would still be my family's house in another state. I would have no other house payment. The situation is complicated, so bear with me. My mortgage scores are all between 770 and 797 and my regular FICO scores are also in the 780's. I'm starting a postdoc which is time limited but renewable for a few years. My income will be a little bit over 2K a month and I'm thinking about a house in the 60 - 75 K range. I do have some student loans but not much -- maybe a little over a hundred a month -- that is my only debt. The question is, given that my work is new and not permanent, will I be able to qualify? Also given that my scores are so high will they closely look at the other stuff or just pass it through? I don't really uderstand how this works. I do have about 20K worth of credit lines on five cards but only carry a two dollar balance on one card. I am a little concerned that I have too much revolving credit but hoping since I have no debt it won't matter. What do you guys think? Thanks.

dragontears · ‎07-04-2016

There are 2 things to consider, first how much do you have for a down payment? Non-primary residence normally require a higher down payment. Second small loans usually get more scrutiny and is offered by fewer lenders then larger loans.
The question you have on if your employment as a post doc disqualifies you I will defer to people who know more than I do

StartingOver10 · ‎07-04-2016

@Anonymous wrote:
I am thinking about trying to get a mortgage for a house that would NOT be my primary residence. My primary residence would still be my family's house in another state. I would have no other house payment. The situation is complicated, so bear with me. My mortgage scores are all between 770 and 797 and my regular FICO scores are also in the 780's. I'm starting a postdoc which is time limited but renewable for a few years. My income will be a little bit over 2K a month and I'm thinking about a house in the 60 - 75 K range. I do have some student loans but not much -- maybe a little over a hundred a month -- that is my only debt. The question is, given that my work is new and not permanent, will I be able to qualify? Also given that my scores are so high will they closely look at the other stuff or just pass it through? I don't really uderstand how this works. I do have about 20K worth of credit lines on five cards but only carry a two dollar balance on one card. I am a little concerned that I have too much revolving credit but hoping since I have no debt it won't matter. What do you guys think? Thanks.

^^^What type of income is this (in red)?

If you own your current residence free & clear of any mortgages - why don't you get a mortgage on your primary residence and use the proceeds to buy this small property in another area?

The prior poster is right - with investment property you need to have a larger down payment and the interest rate will be higher. If the property is a second home rather than investment property, do you think it is wise to get this second home given your current situation?