Qualifying for Investment Property Loan, Denied 1st Try

[Matthew Rubino]

Hello bigger pockets community,

Wanting 2022 to be the year I get my first investment property and my target area is outside of Austin. I connected with a realtor in the area who referred me to a lender. After weeks of turning in the requested documents I was surprised to find out the loan officer said underwriting could not qualify me for any type of loan even if I had the cash to put 80% down (realistically I would like to put about 20%). They said my debt to income was about 60%. 

This was with Old Texas Mortgage. 

Wondering if anyone has any thoughts/advice on what types of loans they use to qualify for single family investment properties? 

We own a single family residence, my all in monthly expenses are about $6k and in 2021 I made about $25k a month and 2020 about 12k a month. I have about $250k in savings as well so I was really surprised by the results from the lender who said "all lender's who use fannie mae and freddie mac loans will give you the same results." They seemed to use a combined figure of 2020 and 2021. 

Your insights are much appreciated as I won't let this bump in the road throw me off course. 

Thank you,
Matthew