Buying the first property

[Edlira Clevenger]

Hi everyone. We are looking to buy our first investment property in Orlando. We looked at a single family home which is currently rented to students since the house it’s near UCF. ROI is 15%. Now we have a family member that can give us the money for 20% down and closing but she doesn’t want to be a co signer. We just got a Va mortgage for our primary home as we just moved here from south Florida. We are trying to get pre-qualified for this second loan but it seems like we are at 65% DTI ratio and the bank want a co-signer. Any ideas how to go around this or any suggestions how to make this happen? I would appreciate any advice you sent my way.

[Julie Marquez]

Ask another bank. There are hundreds of banks in your area, don't just stop with one, they are all different and have different criteria.