Dscr refinance from fha sonyma

[Keith Lincoln]

Here's my situation.I currently live in upstate New York but am looking to move to Texas. Me and my wife currently have a sonyma fha loan.I have no other dti except for my mortgage payment. She has our mortgage payment and 2 vehicles in her name. I want to do a bank statement loan(I'm an independent contractor)with just me on the new loan in Texas . But we do not want to sell our current home. We want to rent it out. Sonyma loans are only for occupants. My question is can we create a LLC for her and Dscr refinance our current property into it to free up my dti? House is worth 260k and we owe 200k on it. Monthly payment is 1900 with a 6.5 rate and would rent for 2500.

posted in another group but realized it was the wrong one

[Devin Peterson]

Quote from @Keith Lincoln:

Here's my situation.I currently live in upstate New York but am looking to move to Texas. Me and my wife currently have a sonyma fha loan.I have no other dti except for my mortgage payment. She has our mortgage payment and 2 vehicles in her name. I want to do a bank statement loan(I'm an independent contractor)with just me on the new loan in Texas . But we do not want to sell our current home. We want to rent it out. Sonyma loans are only for occupants. My question is can we create a LLC for her and Dscr refinance our current property into it to free up my dti? House is worth 260k and we owe 200k on it. Monthly payment is 1900 with a 6.5 rate and would rent for 2500.

posted in another group but realized it was the wrong one

Keith, as long as your true intentions are actually to rent it out and you get a signed lease this 100% can be a DSCR. I recommend using a lender that non-reporting to personal credit and can close under the LLC to keep your DTI lower and overall your personal liability profile more bankable. Happy to connect, good luck!