 Are you worried about not owning your own property? |
Hi
For those of who who aren't on the property ladder yet do you worry about not owning your own home?
I worry because i'm 26 my boyfriend is 27, we have a baby and ... |
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 What rights do i have as a tenant? |
| For example: the landlord/housing association coming in to rewire house. And my decorating will be defaced. Am i entitled to compensation?... |
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 Is it necessary....? |
| My husband and I plan on starting business in real estate investments. Is it completly necessary for us to have a professional business plan written up in order to receive funding?... |
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 My landlord lives in a flat underneath me as i am not working the dss pay some of my rent? |
| if it is late or changes he waits for me to go out or come in and demards tha i sort it out stright a way some times if i turn on a tap or flush the loo he bangs on my demarnding i see him if idont ... |
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 Eviction of tenant, UK law? |
| I have a tenant whio has missed payments for the past 2 years although they do 'catch up' eventually. I presume I have to give them 2 months notice to leave. If they ignore this, what is ... |
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 Tenancy Agreement? |
| We recently took a tenancy agreement up for six months. However, our life is being made hell by a neighbour and we want to move as when we signed the agreement we had no idea that the music would be ... |
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 Removing a "crasher" from house? |
| We own a vacant house that is on the market. We let a guy stay there for a couple of months rent free for doing some very minor yard work that took two days. Now, he's partying there and ... |
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 The real estate market is pretty good right now. Do you think in a year from now the house prices will? |
| sky rocket? I would love to buy a house this year since the market is so good, but I must wait. I am worried that by next spring/summer the cost of housing is going to be a lot more expensive. What ... |
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 Buying a house at 24 and $30,000 a year? |
| Hi, everyone. I am expecting to stay in this area for atleast 5 years and I want to purchase a home instead of renting. I am a single 24 year old female, bringing home about 1700/month. I owe 1100... |
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 Does the government in the UK provide any kind of support for young people to buy their first house??? |
| I know in some countries (like Netherlands), the government provide cheap houses for young buyers. Is this the case in the UK??? If not, is there any other kind of support that government provides ... |
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| Mortgage payment? |
If I bought a 200K home and the seller agrees to
sell it for say 180K and put 70K down payment(70K
is cash on hand) could I get a total mortgage payment for under $700.00 per month.Also My<... |
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 Ever heard of a grant to fix up your house? |
I bought a fixer upper and want to know if there are any programs out there that help
with fixing them up. I heard that there were
but I dont remember the exacts....Any info would be ... |
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 I have 6 months left on my lease but I want to get out of it. Any advice as to how I can do this? |
| I also want to be sure that I dont encounter any legal issues and Im hoping to get my last month deposit back....... |
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 Tenants rights? Do I have any? |
| We live in a ground floor flat of an old house which is all single glazed. We are spending £40 a week in Gas (which we simply cannot afford) and we have 2 small children (1 & 2 yrs) who shiver ... |
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Âilovefizzdude | Applying for a loan for a second house.Can I put in the presumed income I will get renting out my 1st home? |
I own the home I live in right now. If I want to buy a second home to move into and rent out the one I am currently living in, how would I show this on a loan application? Currently my home generates no income since I live in it, but it presumably will after I move out. Will the fact that there's no previous income generated from this home hurt my prospects? |
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Noneya
 |
It depends on what kind of loan you will use to buy the new place.
Fannie and Freddie guide lines changed recently that require you to be able to cover BOTH mortgage payments without including any rental income unless you have at least 25% equity in your current home. You would also be required to show at least 6 months worth of both payments in reserves(savings,checking,401K) |
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Landlord
 |
No, fantasy rent is not counted at all. In fact real rent is not counted unless you have been doing this for 2 years, and then only a portion.
You will have to qualify to own both houses with your actual income, not income you think you might make in the future. |
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ranger_co_1_75
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The policy varies with the bank, some allow you to include potential income from rentals, some require the rental to be rented and a contract presented to them before they will count rental income.
Generally, I have found that it depends on the number of rentals you have and your experience in the rental business. Banks like to see a proven track record before they give credit potential future income. |
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Expert Realtor
 |
No...you cannot use future, hypothetical income to qualify for a loan on a second home. No lender allows that practice.
You will have to have the income ratio available.
PS: Glenn is incorrect...lenders have NEVER allowed for presumed income to QUALIFY for a loan. Not in the 20 years I have been in business. |
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golferwhoworks
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you must have a renter in place and a lease signed if you need to count this as the underwriter will only use 75% of the rents to offset the note on the home if there is a note owed on it. That is if you need to make a new debt ratio for the new purchase |
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patticharron
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Talk to your lender about your plan. If you do not need to sell your first home in order to buy the second house, it's not an issue. The first home, as it stands, will serve as an asset, provided that you have sufficient equity. You cannot project income on a rental property that has no history as a rental. You can project rental income based on teh property, the area, etc. but you cannot at this time show it as "income." |
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primericaisbad
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Noneya has the ONLY correct answer. |
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glenn
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The lender I use most often just supplied me with new underwriting rules that say we can no longer use the presumed income. A couple of years ago we could. |
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