Colorado Nesties
Dear Community,
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Amwadas & people who own rental property...
We are just starting to think about buying a house, but we don't want to sell the condo we currently own, since it's prime rental property in Boulder. However, how does our current mortgage factor in to being able to qualify for another one?
Amwadas, it sounds like you guys were able to do this recently? I was worried with the current credit crunch that they would be SUPER tight on lending, but hearing that someone else has been able to make it work gives me hope!
We have good credit, a decent amount saved up for a down payment, but I feel like we are REALLY going to have to have our ducks in a row to make this work. Any advice from people who've done this before?
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Re: Amwadas & people who own rental property...
Growing Up Olson
I'm in the mortgage business. It depends on what type of financing you're trying to do on the new house - Conventional, FHA, etc (and in some cases what type of financing you have on the old house). Typically you do have to qualify with both mortgage payments. If you want more specifics, send me a PM, I'm glad to help.
Honestly, don't fret too much about it - contact a loan officer, they'll be able to point you in the right direction once you explain your situation. If you'd like a referral, I have people
Glad to hear you're all approved, that's awesome - I'm excited for you! When do you close?
Thank you all so much! We're definitely planning on talking with a mortgage broker, probably the one through our credit union who helped us with this place. In fact, I think I'll call them tomorrow to try to set up a meeting, thanks to this thread!
I may definitely be sending PMs if I have more questions, thanks ladies!
We don't have 30% down on our current house in CO that is now a rental, so we could only look at certain loans for a primary residence in MT. I was very surprised that we qualify for WAY more than I had anticipated and that technically we qualify for the most if just using my income and debt and I carry both houses without my DH.
Talk with a mortgage broker and they will help you understand not only you limits, but are very versed in total payments/insurance and other issues now. IMO it seems that mortgage brokers either all got a lot smarter since the boom or the bad ones have been weeded out of the industry only leaving the good ones to figure out the tough market.
Are you united with the CCOKCs?