My Income is Too Low to Qualify for a Loan

[Christine Seeley]

Hi. I'm a newbie here and have a question. I'd like to know what options I might have.

I've owned and resided in a duplex now for about 12 years, paying the mortgage every month, with my self-employment income and long term tenants. I ran into a problem when I wanted to get a loan for a 2nd property because my income tax statements show my income as too low. Bank told me I would need to show enough income from a job that I've had for at least 2 years.  But I've not had a "job" in a long time. Just my self-employment, rental income, (and worked for cash on the side).

I've managed to save a few thousand, but don't know where or how to start.

I'm all on my own. I don't know very many people, and need to build my network.

What advice could anyone give?  Thanks for reading.

[James Wise]

Originally posted by @Christine Seeley:

Hi. I'm a newbie here and have a question. I'd like to know what options I might have.

I've owned and resided in a duplex now for about 12 years, paying the mortgage every month, with my self-employment income and long term tenants. I ran into a problem when I wanted to get a loan for a 2nd property because my income tax statements show my income as too low. Bank told me I would need to show enough income from a job that I've had for at least 2 years.  But I've not had a "job" in a long time. Just my self-employment, rental income, (and worked for cash on the side).

I've managed to save a few thousand, but don't know where or how to start.

I'm all on my own. I don't know very many people, and need to build my network.

What advice could anyone give?  Thanks for reading.

Get a 2nd job. If the 2nd job's pay is not based on commission you don't need to wait 2 years. You can count that income towards your DTI in a matter of a couple paychecks.