Trouble getting qualified for loans

[Kerry Christensen]

Hi,

We are going to try and buy a number of single family residences in the coming months.  The only issue is I'm trying to get prequalified to purchase our first one $110,000 and it's having to go to the underwriters to approve because we don't make enough money.  I thought with the monetary assets we have that it would have been approved out right.  I suspect the underwriters will approve it but it makes me doubt that we'll be able to get another loan when we want to buy our next property.  We have the funds to buy the properties outright but want to use other peoples money.  Any advice?

[Stephanie P.]

@Kerry Christensen 

Sounds like you need a lender that will do a non-owner occupied business purpose loan that doesn't require income verification.

Those are generally more expensive than Fannie or Freddie, but they close all the time.

Stephanie