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Updated almost 2 years ago,
Have first Househack Acquired. Now needing lending for the next!
I have successfully acquired my first househack in Lafayette, Indiana and it's been stabilized and rented since September of 2022. While living in one unit, and with the other unit rented out, this will produce ~$14,000/yr in gross rent. This home was purchased with a conventional loan at 15% down. I also have around $20k in cash that is ready to use in the next investment. I would likely do a low downpayment loan option such as FHA or the Freddie Mac product - Home Possible, as interest rates have doubled since I acquired this first property and I am more focused on having cash reserves on hand right now to ensure solid cashflow than rather than a lower rate. Are there any lenders that take this rental income into consideration in a loan? I also have a W-2 income that helps but from what my local lender has told me so far, the most they can lend based on my W-2 income right now is $155k. This loan amount may be feasible for some opportunities that are currently available.
Thanks!