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Updated almost 8 years ago on . Most recent reply
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B2R Finance Question
I currently own three rental properties and I cannot get another conventional loan. I called B2R as recommended on the podcasts. I gave them all the info for the property that I've had my eye on and they said it doesn't fall into their lending parameters. Also, I have a 775 credit score and make about $50,000/year at my day job.
Just a little info on the property:
Purchase price: $140,000
Down payment: 20%
Total monthly payment (including taxes, HOA, etc) (according to a 30 year mortgage): roughly $1050
Rent $1500/month
I just want to know how that wouldn't meet their parameters? I cash flow $400 per month on each of my other 3 properties. Am I a high risk person to lend to or something?