Hello

**vvillarreal3397** · 02-15-2008, 11:42 AM

I am new to the RS business, actually I'm still waiting for my license. I am currently trying to decide what broker I would like to work with. Primarly would like to help other become home owners, and also do some investing on my own (starting with a 4-plex).

I am in Los Angeles and looking to purchase a 600k to 700k property
and would appreciate some feed back on the following questions.

Does living on the property help you get better financing options?

Is the loan soley based on you income or can you include the rent you will be collecting?

I plan on putting down 10% and my FICO scores are in the high 700's....but my income is only about $2500 a month

**RobM** · 02-15-2008, 11:47 AM

Hello and welcome to the boards from Tampa Florida. Glad that you have joined us. We look forward to your contributions. With todays mortgage rules...2500/month is not enough to afford this type of property. You should speak with a mortgage broker and discuss what you can afford based on your current income

**DMike** · 02-15-2008, 01:30 PM

Welcome to the forum! We'll look after your posts!

**carlam** · 02-17-2008, 03:07 AM

Welcome to the forum from sunny Tampa, FL!

Lenders have different products/programs that may work for you, shop around. I had a client who was looking at an income property such as this and they had to plan on living in one unit and the other units had to be already rented. I believe that may be the best senario for a lender to qualify rental income towards your loan. Best bet would be to talk to a couple of mortgage lenders to be sure what is your best option.