Would like to refi a few ... DTI not up to FNMA standards

[Kenneth LaVoie]

Hi

I've been accumulating properties fast, and renovating them fast as well. ( 3 years, 43 units, 12 properties, all needing quite a bit of capex) as a result we had hideous tax returns for a year or two but they're very good this year. Still, however, I seem to be putting alot of hours into refi inquiries but banks arent' thrilled to bite. Our "go to" bank is local, great service but they have us now as "commerical" as do many of the local banks. -- in other words, we own enough properties now where we can no longer borrow under the 1-4 unit terms even if the building we're buying is a 1-4 unit. (this is for new borrowing)

My other "go to" bank says our DTI is still not quite there for FNMA standards. I'm wringing my hands, thinking, "I can't let this get by" I can't let the opportunity to get FNMA 30 year lockin rates at 4.5% slip through my hands.

We have a couple 4 units that we'd jump through hoops to get this financing on.

Most of them now have 3/3 ARMS at 5.25% -- they are adjusting DOWN to 4.375% between now and the next 12 months! This is good. However, I'd pay 4.9 to lock in at 30 years (or even 15-20). Our commercial rates for new properties are anywhere from 1-7 year lockin ARMS from just under 4% to near 7% for 7/1 year ARM

Any thoughts or comments? (I know I haven't given much info, but I thought I'd start a conversation at least.)

Thanks!!