Skip to main content

Would we be eligible for a loan based on possible collateral? (Bad credit)

Hey guys. Please pardon the possibly really stupid question. Have found mixed info reading online.

Situation is this. We own our primary home. It’s worth maybe $425k and we owe about $300k. We inherited my mother’s home a couple of years ago. It’s fully paid off in the same neighborhood. Worth maybe $500k. We have turned it into an AirBnB that is doing very well.

I am self employed and make good money. Could show ~$250k take home on my taxes next year, plus the AirBnB revenue.

We’d like to move to a larger home soon and turn our home into a second rental.

The issue? I was the executor/trustee of my mother’s estate and it absolutely wrecked our credit. Some poor decisions by family members left me personally floating approximately $170k in estate expenses for nearly two years. We had a 800 credit score when she passed. It’s now under 600 due to a bunch of late pays and small charge offs from the mess. Stuff is now all current, but it’s going to take forever for the credit report not to look like a bloodbath.

Does the cash position in the inherited home, along with my income, give us any chance of a reasonable loan qual? We’d only be looking in the $600k range if that matters.

submitted by /u/KeyParking4032
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1o68o4b/would_we_be_eligible_for_a_loan_based_on_possible/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Looking for Prospective Opportunities to Utilize Floor Plan Redraw Skills

"Hey HomeOwners & Investors , I have a team of 10 professionals who are trained in redrawing/redesign floor plans in both 2D and 3D interior& exterior using floorplanner.com/3ds Max and TruView point cloud. We're looking for prospective opportunities to utilize our skills. Are there any companies or individuals in need of accurate floor plans and measurement reports ? Any suggestions for where to start looking? Thanks in advance for your help!" submitted by /u/mangojuicelife [link] [comments] source https://www.reddit.com/r/RealEstate/comments/119uoh0/looking_for_prospective_opportunities_to_utilize/
Post a Comment
Read more

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/
Post a Comment
Read more