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Updated about 8 years ago on . Most recent reply

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Angela Rosa
  • Hamden, CT
0
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3
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Trying to buy an investment property but the DTI is a problem

Angela Rosa
  • Hamden, CT
Posted

I recently purchased a single family home for myself. Now I would like to purchase a two family home to rent out. I have enough money to pay up to 30% down payment as well as reserves for 4 months for each property.my credit is almost excellent but I can't get past the DTI. IT'S EXTREMELY DEPRESSING. I work alot of hours already so getting any type of meaningful seconf job is not an option. What do I do? I don't have alot of debt the biggest problem is the mortgage payment when compared to my income. Refinancing isn't an option as I just closed on my loan with an excellent interest rate. What can I do?

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811
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419
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Darren Budahn
  • Investor
  • Milwaukee, WI
419
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811
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Darren Budahn
  • Investor
  • Milwaukee, WI
Replied

Angela Rosa

Shop around for a lender who will count the income from your rental property right away. Some banks have overlays where they are only counting the debt from the new purchase against your DTI ratio and will not factor in the rental income for a specified period of time. These lenders do exist. Keep looking.

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