Can't Get Approved, Is Quickenloans Taking Advantage

[Sean Forner]

My father and I have found two rental properties that we are trying to purchase and rent out to college students. One property is listed at $50,000 and the other at $58,000. We are going to have a 25% down payment. I have a 720 credit score and my father has a 760. His income is $136,000 and I am about to accept a job offer (just graduated from college). Quickenloans is saying that we will get approval only if we purchase the homes for $67,000 each. This is ridiculous!!! They are saying that with closing costs we exceed the 5% Federal predatory lending rule and by increasing what we pay on the homes by nearly 20% we get around the rule.

Help please! These properties are great and we have everything ready to go accept for pre-approval. My father and I have no idea how we aren't qualifying and feel like we're getting taken advantage of.