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Asians - what are your thoughts on asian female white male ?
TC/W2 540k HHI is 650k expecting to be 1m by year end (Pending offers) Current Home is 1.8M with mortgage of 1.2m. Loan for new home is 3.2M Is it possible to qualify both mortgages with my existing income for Seattle area? PNC bank is requiring me to have signed rental agreement etc for my home but I wont be able to do that since I would need about 6 months of overlap (which I am ok with) to make the new home move in ready. This means I need to qualify both mortgages on my income. #mortgage #housing #seattle
Wow that seems a.little but of a stretch
Can anyone explain the logic why this is a stretch
What happens if laid off and home market is down twenty percent
Also in TC, how much is base salary and how much is due to RSU ? If anyone thinking of using RSU for monthly payments is nuts. Recent drop in stock market should be a warning not to do it.
If the bank won’t lend you the money it’s probably because they don’t think you can afford a 3.2M loan + your current mortgage. They want you to have the rental income because your current income to debt ratio with the new loan probably goes beyond their risk lend ratio
Too low income to pay both comfortably
Hosing market is expensive thx to dudes like you
Use a DTI formula with both mortgages calculated in. If it’s less than 43% you should be ok. Other option is to increase the down payment if you can if you are above. If your lender is not willing to work with you if you are close, find a new one.
That much loan is not gonna happen. Your monthly take home is like 30k and 4M of loan (just assuming you owe about 800k on house 1 for a round number) is 19k/month. The DTI there is 63%, impossible. Hell even if you didn’t have to shoulder your first mortgage your DTI would still be about 50%. I don’t think anyone is gonna lend to you. Also since a lot of your income is RSU the best valuation you’re gonna get for that part is 70% of the current stock price. You’d have to have a massive downpay like fanatics said above to decrease loan amount. If you can get that without selling house 1 then I guess you can but TBH it sounds like a stretch.
My combined annual income with spouse is more than double your TC and I would never consider a 4M dollar home in our range even without another existing mortgage to still pay.
You can easily afford it but choose not to. There is a difference. Some folks prioritize nicer locations and good schools
Ask for a bridge loan where you are paying the interest only on the new house until the home is rented. This is likely to not work but worth a shot.
Ask your bank. The numbers seem unlikely