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Updated about 8 years ago on . Most recent reply

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7
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Becca Tew
  • Investor, Entrepreneur & Real Estate Agent
  • Salt Lake City, UT
0
Votes |
7
Posts

Help! Financing rejected because income can't be counted in D/I

Becca Tew
  • Investor, Entrepreneur & Real Estate Agent
  • Salt Lake City, UT
Posted

I'm in a bit of a bind and I'd really love some advice. 

My lender has rejected me last minute because he was unable to count my property management income towards my debt/income ratio since I haven't done my 2016 taxes to prove this income. Additionally they are giving me a hard time about quitting my corporate job to pursue my own ventures. I'm sure plenty of you have had this problem! If the boxes don't check right they will give you a big fat REJECT.

I'm working a job in land development consulting, have rentals, property management and other side ventures. Additionally, 80% of the mortgage can be covered by rental income because the house has a separate apartment. My credit score is over 770.

Hard money doesn't seem to fit for my situation as I'd like to keep the house for awhile. I've looked into SoFi but they don't do any mortgages in Utah. 

Any advice, contacts, anything would be very much appreciated!! I submitted an offer on the house today. Yes, I probably should have been pre-qualified prior to putting in an offer but didn't think it would be an issue. Lesson learned. :)

Thanks!

Becca

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