Need Help

[Christopher Adams]

Hello again BP,

I've been working on a deal in San Francisco that is just driving us crazy. We have a below market valued condo under contract that we will buy and hold. We have 25% down and now the struggle happens. My mortgage broker who approved us last year for $525k (we have had raises since then as well) with 3.5% down for an FHA is saying a conventional loan wont work for us. The Condo is $700K and again we have 25% down (which puts our loan at $525k). Just basic facts our combined incomes is right around 150K a year and the condo will rent for 5k a month. Is our mortgage broker just not trying? We do have some debt like student loans, cars and credit cards but we pay our CC's off every month. I don't see how this deal won't work and I now feel like we are having to force it which scares us.

Can anybody recommend a lender in the Bay Area? 

Thank you,