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there's no PMI on investment loans and to have the rental income considered for the loan, i think most lenders want to see 2 years of rental income/experience.
@wa3morewrote:there's no PMI on investment loans and to have the rental income considered for the loan, i think most lenders want to see 2 years of rental income/experience.
The PMI part is simply not true. It is true to the extent that most conventional investment mortgages require 20% down, so naturally they have no PMI. But youre not getting any mortgage under 20% down, investment or non investment, without a PMI.
Yes that is true, no pmi since 20% is required.
Some will want 30% down
So I was shifty with my wording as to put down less than 20%
would require as a primary/vacation home without renting it out.
yes, my statement that there is not PMI insurance with less 20% is incorrect . I agree , most want 30% down.
Maybe perhaps you could get a cheaper lease, a big chunk of your money is going to a vehicle that could be going to a house payment.
@cjane1wrote:Maybe perhaps you could get a cheaper lease, a big chunk of your money is going to a vehicle that could be going to a house payment.
I could eventually get a cheaper car, or even lower my monthly payment by financing something else over 6 years instead of leasing something really nice for three years. However, I just signed this lease less than two months ago, and am not in a position to end it anytime soon. My income is increasing ~10% this year as well, bringing my DTI even further down.