Advice Needed - Financing a Third Rental Property

[Karl Hudson]

Any advice on this would be greatly appreciated. Currently have two rental properties. One of which is free and clear, paid off, no mortgage. I want to pull $50,000 in equity out of that home to purchase a third rental property. So it would be a small mortgage, 30 years fixed. My numbers and credit score are good. However, went through the whole process with one bank only to run into an issue with the underwriter. My AGI for 2015 is great. My 2014 AGI is hurting me as it is almost a $20k difference. My financial performance was great in 2014 but I had significant deductions that year. This particular bank takes your AGI from the past two years, and averages them to determine your monthly income and DTI (debt to income ratio). Obviously this doesn't accurately represent what I actually make. It's almost a $2,500 difference on my monthly income, which makes a huge difference on my DTI. Unfortunately, they have to base it on the average and not actual.

I don't want to pull my credit multiple times obviously, so this is my question. Are there any banks/underwriters that analyze your income using a different method? And if so are there any banks you would suggest that would make it worth pulling my credit again?