Lender Rejection on an Investment Property in MN

[Lindsey Iskierka]

So my husband and I are "house hacking" currently by owning a triplex in Long Beach, CA; we live in one unit and rent out the other two.  

We've been looking for deals out of state in Duluth, MN near the University and Lake Superior.  

We found a cash-flowing fourplex that's updated and fully rented out.  We want to jump on this deal so we spoke to two local Minnesota banks and lenders; one never got back to us after speaking on the phone.  The other had us apply online and she basically said she couldn't help us.  

Our credit scores are both in the 700s, yet she said the bare minimum she'll accept is 740...is this standard??? We just bought a triplex this summer and our credit was not an issue at all.  

She also said we couldn't get any kind of loan for an investment property because our current rental doesn't have a track record of rental income? 

Basically she shut the door on us and said she couldn't help us. 

My husband and I both make good money (I'm a Realtor and he's in law enforcement), have good credit, and are looking for homes in price points far below our local Southern California market.  

Is this a fluke of a subpar lender?  Or is this a common rejection?  

We're ready to reach out to as many lenders as it takes to get approved; we just want to make sure we don't waste our time and have to figure out something else to buy our next property.  

Thanks!!