Low Income, High Loan - Will It Work

[Zenas Underwood]

We have applied with 2 different lenders waiting to hear back from them but instead of harassing them for updates, Id like to see what you guys think.

I'm working with my retired dad to attempt to get him into a 4plex for extra income. His retired income is $34k, no debt. We are attempting to get a loan of around $350k with using the rental income $750 - $1000 per unit which have leases.

Taxes $6000 - $7000

Insurance $1800

Does this sound like a situation that will work?

[Nathaniel Hovsepian]

For a lender, this might be squeezing it kind of tight. It all depends on the bank and your relationship with them. What I would suggest is if neither of these are willing to loan, move on to another one. Someone will say yes because the numbers are there. 

Another option would be a co-signer. Have you considered that?