Hey all I'm 26/27 in may
I have been in m my house for the last 3.5 years (october 2015)
Purchase price 141. Currently market value is around 190. Put around 15k down if I recall.
I did not qualify for a mortgage as I've been self employed the last few years. My father is retired and has a sizable 401k/other accounts. He took a private variable loan from edward jones against his 401k-I believe it's the prime rate - half a point. This is obviously less than ideal. I also owe him 15,000 on the side interest free.
I'm considering my options towards a refinance to get his name off the title/the loan by the end of this year. My payment is $586/mnth. The loan amount was $97834.98 as of December 2018 with $4431.79 in interest paid. This year through March $1067.53 interest paid.
Because the property is not actually tied to a mortgage it would be possible to get a standard fixed loan instead of a mortgage. This becomes of interest relating to my taxes. I am doing them for 2018 right now and while a mortgage averages your last 2 years of AGI income as self employed-I don't know if a traditional loan would do the same. If so I would consider taking less mileage write offs/no SEP contribution for 2018 to get my AGI higher (yes more taxes); if not I would take my write offs as normal.
In 2018 I made around 5200 w-2 part time/35k self employed (no w2 no employees just myself). With write offs I am around 27000 AGI currently.
In 2019 I am projected around 35000 agi with my new hourly contract job (post tax).
Current finances:
roth IRA $26,500
CASH/money in bank (need to figure out how to invest still) $69,500
Stocks/bitcoin: $1600
TOTAL: $71,300
Debt: $6075 credit card (only this month-hit some spending bonuses, will be paid off in 2 days with no interest collected)
$13,200 in student loans (also paying off before interest starts in july this year-using 3 CC's to get $2400 back)
Total: Around $50k cash/bank and 26,500 roth after all debt payoffs currently and taxes paid for 2018.
Monthly expenses
$1200 base living (mrtg, prop taxes, insurance car/home, utilities)
$150 health insurance
$500 roth IRA
gas/food/other 150-250
Take home pay mnthly
$3000
Any advice on how to go about getting this loan/mortgage? I know it's not typical but I've been trying to figure out the best course of action and I'm sure someone in here knows way more than I do!