First time REI in AACo

[Andrew Brady]

Hello Bp,

I'm a new investor and I have been working on my for deal. I am working with a lender and have been since the start of the year. All through the process I have gotten letters of intent from them every time I make an offer. I had a home run deal lined up prior to COVID, and that eventually fell through due to time deadlines that could not be met. I have been scouring the MLS to find a new deal and finally found one. I am ready to submit an offer, but it seems I no longer qualify on my own (don't want to put the wife on this one so we can get more mortgages on the future). I'm. It sure what changed on the lending side, but something had and it seems their restrictions are tighter and now my DTI is too high. Since COVId I have actually paid down some balances. We're not talking a lot of debt either, but last year I went from self employed to a salaried w-2 with bonuses and commission so with less than 2 years everything over the salary can't be counted (yet).

My question is, are there any other solutions (hard money I know about, I don’t know anyone with enough private money to borrow from) that I should look into? I’ve got cash reserves and decent credit but on paper without my wife’s income my dti is too high.

Any suggestions are greatly appreciated. I have applied with 3 different mortgage companies to shop around a bit and they all say the same

Thing about the dti. Since finding this deal and crunching numbers and then getting the news from the lenders, the house I was pursuing is now under contract so time is no longer of the essence, at least until I find a new deal.

Thanks in advance Bp for the advice.