Member Alex Carlucci
MemberForum Replies Created
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They are attempting to brainwash everyone.
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Thats bad news at the worst time.
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Best mortgage calculator in the world
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To qualify a residential commercial building the method is as follows: you take 95 percent of all the rents allowing for vacancy. Then subtract all expenses such as repairs, maintenence, taxes, etc. You end up with net operating income. This net operating income will be the numerator of the equation. To calculate denominator you calculate the principle and interest of the loan. So take net operating income and divide by the principle and interest to come up with the debt service ratio. Most commercial lenders prefer 1.2 ratio. Lenders may go lower or higher then this but 1.2 is a good rule of thumb.
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I agree. The rates have finally worked their way through the system leaving qualified buyers on the sidelines waiting for lower prices and lower rates. Unfortunately for that to happen we need higher unemployment to trigger these events. It will be a hard time for many families, Including mine.
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Good point
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Va does not require any down payment when buying a house from a family member. So no gift or gift of equity is required.
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This is a loaded question. If you just filed your 2022 taxes and you need to use that income then the underwriter would want those taxes paid or on a payment plan. If you are doing an FHA loan then the payment plan will require 3 on time payments before you are eligible. If you are doing a Conventional loan you only need one of the payments of the plan to be paid. If they are older taxes then it becomes more complicated. If your taxes have reached a lien status then they may need to be paid in full. We have investors that will allow a federal lien to be subordinated if your payment plan is up to date and they will debt you out for the monthly payment.