March 20th, 2015
Happy Friday! I certainly hope you enjoyed our touch of spring. We have some good questions this week, here we go...
- We are buying a home using my VA eligibility. We would like to keep our current home and rent it. How does that work? We can either qualify you with both payments; or with a lease and security deposit, we can offset 75% of the mortgage payment.
- Your middle score is 680, and you are purchasing a second home. The purchase price is 625,000, and you will be putting 20% down. You are interested in mortgage options. Jumbo markets require a minimum credit score of 720. One option would be to buy the property with a first mortgage of 458,850 and a second mortgage for the balance. This would provide an option that would allow fixed rate financing given credit score.
- We are interested in purchasing a second home My father-in-law would like to assist us with the loan for qualifying purposes but has not intention of using the home. Can that be done? Currently, yes. We do have options for second home buyers where you can have a non-occupying co-borrower.
Please feel free to contact me with any questions you might have. I look forward to working with you and your clients. Please remember, I am licensed in Virginia, North Carolina and Florida.
Jennifer Keenan, Sr Mortgage Consultant, NMLS# 101837
Tidewater Home Funding, 757-272-4199