- Centurion Member
- Posts: 4913
- Joined: Sun May 20, 2012 4:35 pm
- Location: WI
Your score is fine and should get you the best rate. They take all 3 and use the median score however, just so you are aware (the one in the middle).
As long as you can afford the payments, and the LTV is there (in other words the house is worth more than what you owe when you buy) you should be fine. They will look at DTI (what you owe vs your income) to determine how affordable it would be for you.
I would be shocked beyond belief if the bank cares what you might rent part of it out for. They will only look at your income if you will be living there as far as I know - what if you aren't able to rent it? Banks don't tend to like "maybe" income.
The only way it will jeopardize buying another house in a few years is you already have this one to pay on. So that might mean that they will feel you have too many obligations already to take on another one. That is a real possibility.
Again the renting game is always a risk. What if your renter loses their job or something like that? Can you then suck it up and pay that mortgage yourself? Because that's what they are going to expect you to do. The mortgage is with you, not with whoever you rent to, and thus you will be expected to make it month in and month out. They don't care that you rented to a slimebag who didn't pay you and had the courtesy to trash it on the way out - they only care did you pay them.
I thought all houses were sold "as is". The buyer has an inspection done, and the inspector should raise any relevant issues. These issues might give the buyer an "out", but otherwise, to my knowledge, it's bought and sold "as is" with few exceptions.