How do I get financing for CLE, OH duplex regarding my situation?

[Mike Schorah]

I’ve been in the same industry since 2014. I’m a regular job hopper and have held 4 jobs since then. I started a new job in 2019 and was laid off after 14 months in 2020 due to COVID. I was unemployed for a month before I found my next job. This job lasted 12 months before they let me go. I’m open to working overtime, but 70 hours a week is just too much, especially since my plans are to invest in real estate. I’ve been unemployed for a month and judging from the interviews that I’ve done, I don’t expect to be unemployed for much longer.

I went to my credit union and found out that when I find a job and have 2 paystubs, I'll qualify for a $52k 80% LTV HELOC. I also have $15k in old 401ks and $10k in cash that I want to keep for any personal emergencies. I'm mainly wanting to tap this $52k HELOC.

My plan is to invest in Cleveland turnkey multifamilies in the $80k price range with a 20-30% down payment.

My questions are in regards to financing.

I’m understanding that commercial loans (due to the low value of the property), hard money (due to the long-term nature of the financing needed), asset-based loans (due to unavailability), and portfolio lenders (due to low assets) are out of the question.

How long would I have to work before I could qualify for a mortgage on one of these properties? 3 months? 6 months?

Would a DSCR loan work? What other financing options do I have?

What type of DTI ratio do I need? The jobs that I'm interviewing for pay $40-$70k (I'll probably most likely take the lower end, roughly $50k since I'm unemployed). I also have $50k in student loans. Not sure how that would affect anything. Apparently, from what my local bankers are telling me, it won't affect me getting a HELOC since my payment is only $200/mo… but what about a mortgage or a DSCR loan or other type of financing? My DTI ratio has always hovered around 35%. I owe $130k on my home, but comps are showing that it could appraise for $195k.

I currently have a 705 credit score.