Fannie & Freddie Mortgage Requirement Changes 2020

[Drew Hoffos]

Hi Friends! My wife and I are San Diegans, and restaurateurs. We sold our home at the start of COVID with the hopes of buying either a multi-family in San Diego, or something "reasonable" in San Diego as well as an investment property or two out of town. 

Our loan broker just notified us that Fannie Mae and Freddie just issued new guidance on mortgages. We take a small W-2 salary from our cafes, but our main source of income is in distributions from profits. It sounds like we'll be unable to get approved for a mortgage for a home in San Diego, because our debt-to-income ratio will be calculated only on our W-2 income. 

My question is... (and forgive me if this has been answered elsewhere) "do any of you folks who are wiser than I have any ideas about how to finance a home/fixer/multi-unit outside of the 2 main players?"

Any ideas would be greatly appreciated. And if anyone has experience with a group or company that can assist with something like this, I'd love to connect! Thank you!!!