Real Estate Home Mortgages/One more thing....(credit)

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Question
I forgot to mention, in case it is relevant to my question, that I have very good credit (in the highest percentage rate) and have no debt.

Further - the home I want to purchase is a horse property and I would be able to rent out 3 stalls at $1000/each.

Hope this helps offer more clarity to my previous question. Thank you. Sondra

Answer
Sondra,

Even in this case the lack of verifiable income to repay the loan is not addressed.  The monthly payment on a $1,000,000 loan would be around $4000 a month easy and the down payment requirement would be no less than $100,000 to create a 10% equity position.  Even if your rented out your current place and each stall that would only be $7,000 a month.  You would probably be required to have around $15,000 a month in income to qualify for the loan.  

Again I hope this helps...

Best Regards,


Ryan Hasselmeier
President/CEO

Advisors Group International Inc
About Real Estate Home Mortgages
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here

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Ryan Hasselmeier

Expertise

Former Mortgage and Insurance Broker in Texas. Originated loans for use as a Primary Residence, Second Home, Investment Property or even Mixed Use. Have brokered loans for Manufactured Homes and even Rural Housing.

Experience

Have been actively involved in the mortgage loan origination industry since 2001 and real estate investment since 1990.

Organizations
Current Chairman of the American Signing Agents Association Inc, a non-profit professional business association of Notary Signing Agents who specialize in real estate settlement transactions.

Education/Credentials
Bachelors of Business Administration in Accounting and Management Information Systems from Sam Houston State University in Huntsville Texas.

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