Looking for rehab loan on owned property
Our second home, which is a rural 1920s farmhouse, was hit by a car. I am a licensed contractor and the repairs will be ~$70k to rebuild. I want to take out a loan but I keep running into issues. My credit history is perfect, but my score is low (~640) thanks to a high debt to income ratio.
It used to be my primary residence, but I bought another house - so I already have a primary mortgage. The house will be worth ~$270k when repaired. As-is value is at least $130k (it's on 9 acres and the guest house and shed are intact). Ideas on lenders??? Is this a "refinance" or not? Between it being secondary home, my mediocre credit, it being owned and not already financed - I can't seem to find one!