Problems with conventional based financing

[Eric Hamilton]

Hey everybody just wanted some thoughts on my chances of getting conventional financing for an investment property. I know just go ask the bank or lender right? Well I like to ellude that I already have a VA loan on my primary residence and looking to buy my first investment property. I had a really hard time when I got my VA loan because debt to income was almost 50% my wife was going to school at the time. So I was the sole provider. We had decent credit high 600s. AndAnd my employment history wasn't long only about a year which most lenders I think like two. It took almost 90 days to close because of my lending situation.But luckily I had a lender that went to bat for me because he believed and worked with me.Fast forward two years later me and my wife now have near perfect credit mid 700s. Good income 6-8k per month . Own our house with a mortgage.Problem I see with them picking on us would be our employment situation. I just got activated with my national guard unit to deploy to Iraq. I have a new job waiting for me when I get back. Almost identical income from military to civilian job. My wife works but has been employed for less than a year now. I see this as the only roadblock to conventional financing. So questions I got are

1.)Should I just wait 2 years to invest?

2.) Are asset based lenders better than conventional financing besides the interest rates?

3.) Are there any other types of financing out there im missing besides partnerships or hard money lenders?

[Darren Eady]

You really should just speak to a conventional (bank or mortgage broker) lender in your area and ask these questions as they will look at your loan application and help you plan for financing.