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Help with getting a mortgage for low income person
Hey guys I need your kind help and expertise!
Here is the story:
I have 90K cash
I'm looking to buy an investment property for cash flow
My credit score is great (above 800)
I don't have any debt
It's the first house I'm buying
Trying to get a mortgageThe problem: my income is low, 25K a year.
In this conditions the banks wouldn't give me a mortgage since they say that my income minus my current rent and other expenses doesn't leave me any cash for a mortgage payment even that I would be renting out the property I'm buying and that would cover the mortgage.
Any ideas how to get a mortgage with those numbers assuming I'm not going for primary house?
Thank you!