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Updated almost 3 years ago,
Debt to Income Ratio - counting my LLC debt, but not the income
Hello BiggerPocketers,
I am applying for a VA loan to purchase a home (going on title 10 - active orders to Airforce Base).
The Veterans United Loan Officer gathered information about all my income and debts. My spouse and I started an LLC April 2021 and purchased an apartment complex. We receive plenty of rent from the apartment complex to pay the mortgage, taxes, insurance, management fees and even make updates on the property.
Veteran's United wants to count the mortgage as debt, but not the income (VU says it has to be 2 years of income to be counted).
Just counting the debt appears to make us ineligible for the VA loan. What am I missing here? Any advice or tips on this one?