Funding Options for High Debt to Income Individual

[Doran Brooks]

I would like to buy my first investment property. I currently own my own home. 

I want a 4-plex, but I don't qualify for a loan because the cost is too high given my debt-to-income ratio. What are my options here? 

I can buy a single family and in 2 years the bank will let me realize that rental income as income to use towards another mortgage, but waiting 2 years between every purchase is just too long. 

I am in the Pontiac, MI market and there are some great options here, home values are on the rise and I have insider knowledge into the some of the improvements that are coming to the area and want to buy before the market really starts to gain value. (My house doubled in value over the last 2 years) 

Thank you!!!

[Tom Arena]

Talk to another loan officer. My local credit union says that they recognize rental income after 1 year of land lording experience if I can produce full P&L for the property and documentation to support continued operations. Effectively it's a business loan with recourse at this level. 

Look around your area for more financing options and talk to them. Not all underwriter and loan officers are alike.