Need to finance investment property with higher DTI ratio
I am a US citizen presenting living overseas. I file tax returns. I started a new business last year and my income was much lower than previous years. I have been in this line of business for over 15 years. I currently have a rental property with negative cash flow. I want to purchase another investment property but my lender says that my income is not enough to qualify me. Is there a lender/program that would help me out. My income this year is projected to be higher than last year. Thanks. by terry6464 from Syracuse, New York. Jun 6th 2011
Gianni Cerretani (mortgagegodfather)
#32 ranked lender in Georgia - 238 contributions
good question: You would want to look at a hard money loan where the loan is based on equity only. You are looking to put down 30-40% down depending upon your overall credentials and the where the property is located. If you need any help please feel free to email me your situation to moneymang7@yahoo.com
MIKE CONVIN (mconvin)
#6 ranked lender in Delaware - 202 contributions
hi there: I lend in 49 states and would be delighted to go over your scenario. We can try to go with conforming underwriting guidelines...depending on the overall picture, also another thought would be to go private investor or hard money and rates are not that high..interest only..no payment is possible for couple mths and no prepay..call with questions..Mike 703 505 5300
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