Deal Structure for secondary home

[Michelle Booth]

Hey and thanks in advance.

I'm trying to purchase my parents SF home (500 miles away from my primary) for $455,500. Appraised value is around 550k. Taxes are $7,800, mortgage is 3k per year. I will put down 20%.

My credit score is 770, I have no consumer debt (no car loan, student loan, CC ect).

My gross W-2 income is 54k per year. Rental Income is around 12k per year taxing 75% of the gross rent minus expenses. I'm 26 yo.

I own 8 rental properties individually (2 TH, 5 SF, 1 duplex). All mortgages add up to 833k. Valued at 1.2M. Monthly PI= $5,900. Monthly Insurance=$470. Monthly taxes= $940. Gross rent is $11,050 per month.

All mortgages are commercial loans 20 yrs/ higher interest rate with local small banks that will not loan that far away. I need to buy this new home as a 30 year mortgage in order to afford it when I move there. I plan to move there in 6-12 months. My current home is owned and paid for by my husband of 8 months. We may get divorced and I will move back to my hometown, we are in counseling now. He is a RE investor and we have all finances separate and prenup.

The property has an in-law quarter that will rent for $1,100 per month which the banks probably won't take into consideration. I can rent the main house could generate 2k per month. Or I might rent it to my parents for $1,500 per month. I prefer not to rent it anyone but my parents.

I've already applied to quicken loans and they said I need a co-signer, I was told they calculated my take home pay as $343 per month because of all my rentals. Total BS. My tax return showed a lot of losses because 5 of the properties were purchased in 2019 and needed renovating before I collected rent.

I would like to finance this as a secondary home to get the rate and then move there. Will I qualify for a secondary market loan, or be forced to take an investment loan?  I will always rent the in-law quarters whether I live there or not. Synovous bank required I have 8 months of reserves for all units! I have about 5 months saved in addition to the down stroke for purchasing this house.

 Idk what to do. I feel awful getting turned down because the strict requirements for government money. Any suggestions on how to get this loan done are highly appreciated.