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Updated over 3 years ago,
20% -ish Down Noncomforming loans
I lost a good deal on a former bed and breakfast. I was going to live in it. My attempt at an FHA mortgaged failed, because I have 6 rental buildings and due to the pandemic, they decided my Debt to Income is way too high. I couldnt count "future income" so they think I was losing about $2000 monthly when in fact I would be making at least an extra $2500 with the new place.
My buyers broker suggested a mortgagor that has many loan products including a 20% down nonconforming mortgage. NOT FHA/USDA/VA/FNMA. It would not look at things like my DTI. Not Jumbo loan either. It is 20% down, some money in reserve, 5.8% interest rate.
Does anyone have familiarity with this type mortgage? Know any creative mortgagors that would be legal in Pennsylvania? I am trying to see if I can talk to a few to discuss my next move.
Try Crosscountry Mortgage. They are a direct lender and have some different products that might work for you.