conventional financing for Dallas/FW area

[Eric Nickelson]

Recently I was unable to purchase a house ( for rental ) in the Dallas/Fort Worth area of Texas. Price was $85,000. I went through a couple mortgage brokers and a regional bank in California were I reside.
Debt to income ratio was the primary problem.

Here is some personal info:
I currently reside in california
I have 4 houses in Dallas/Fort Worth, all purchased in the last 18 months, all leased out.
FICO is 750
I can put down up to 25%

Anyone have specific banks they would suggest that would do portfolio lending for investment properties in Texas? I believe I dont meet FNMA guidelines for the loan being transfered.

[David Beard]

Hi, Scott -- can you clarify, as saying "portfolio lending" and "FNMA" in the same breath seems a bit confusing. Are you saying that the portfolio lenders simply underwrite to FNMA standards but don't resell? How long of a fixed rate term will your "portfolio lender" go?

Are you also saying that rental income can only be used for qualifying if it appears on your tax returns for 2 years? IOW, you can't use the rental income from your subject property on a purchase, even if leased?

Thanks.