10 days to closing and lender denied loan due to taxes issues

[Alejandro Gonzalez]

Hi everyone.

I need help urgently.

I've been working with a credit union for at least 3 months now.

After a long time looking for the right property, 3 weeks ago or so I found the house and is now under contract.

To put everyone into perspective I have 2 rental properties and a 3rd one (primary home with a mother-in-law suite) that is my primary (soon to be a complete rental) 

I have good W2 income, plenty of cash in the bank and my properties are cash flowing strong at the moment, however due to certain initial investments and the way my taxes were filled the last 2 years the bank is now (10 day to closing) telling me that they can not use my rentals as income so my DTI is now completely different, now the "only" income I have is my W2, this morning I received a call from the bank after 3 days trying to reach them to find out about all this that I'm sharing.

Is there something I can do, any lender that can give me a hand so I don't lose the deal?

Sincerely,

Alejandro

 

[Account Closed]

Quote from @Alejandro Gonzalez:

Hi everyone.

I need help urgently.

I've been working with a credit union for at least 3 months now.

After a long time looking for the right property, 3 weeks ago or so I found the house and is now under contract.

To put everyone into perspective I have 2 rental properties and a 3rd one (primary home with a mother-in-law suite) that is my primary (soon to be a complete rental) 

I have good W2 income, plenty of cash in the bank and my properties are cash flowing strong at the moment, however due to certain initial investments and the way my taxes were filled the last 2 years the bank is now (10 day to closing) telling me that they can not use my rentals as income so my DTI is now completely different, now the "only" income I have is my W2, this morning I received a call from the bank after 3 days trying to reach them to find out about all this that I'm sharing.

Is there something I can do, any lender that can give me a hand so I don't lose the deal?

Sincerely,

Alejandro

 I don't like giving this advice, but it's time to look for another lender. I know it's wasted time but it's the "Golden Rule". He who has the gold makes the rules. Call a mortgage borker (not a bank) and see what they can put together. They have access to hundreds of companies.