Qualifying for a loan with $60k income

[Yvonne Chou]

Hi BiggerPockets,

Any advice on how to qualify for a large loan (~$700-800k) for a mortgage if my income is only around $60k a year? I plan to finance the mortgage by renting the property out.

I used a loan calculator and determined that my maximum loan qualification individually is $260k. However, I could file jointly with my sister to increase the qualification to $450k. Unfortunately, in Southern California, that isn't enough. My family has enough cash on hand to put a 20% down on an $800k investment property, with room to spare. Most multifamily units are around that price in California.

I've thought about private lenders or hard money lenders, but I'm not well versed on the legality. If anyone has any resources/books to share regarding obtaining a loan, I'd really appreciate it!

Thanks for all your help.

Yvonne