High Price State / Low Income for a Loan

[Ana Mocanu]

Hi Everyone,

The issue I'm having is that the state I currently live in has extremely high prices. (WA) I'm just starting out and am hoping to buy a multifamily in the near future. I would love to buy in my state as I'm comfortable and familiar with the market. 

I have the credit score, I have the down-payment (considering doing a helco to access more for a multifamily). But I don't have the income to qualify for a loan. Are there any loop holes or ways to get around this? Do I absolutely need to focus on buying out of state and give up hope on buying locally? 

[Nate Sanow]

Asset based / dscr / no low document / nonQM 

all those + lender on a search you should find a bevy of other options. Higher rates , usually prime plus, but your income won’t matter. 

E g Visio, LendSimpli, HausLending, or even some of the brokers on this platform and elsewhere. There’s a wonderful world of financing out there that isn’t that creative or complex just not in the box. 

yes most of these are for non owner occupant loans so that is an issue but let’s you get the deal. 

Best of luck to you cheering you on.