Debt to income ratio

[Mateusz Sokol]

Hey BiggerPockets community! I’m an investor in Philly with 2 rental properties (3 units). I have a mortgage through Wells Fargo for one of the properties and I’m going through them to refinance that property. The property appraised for 150k (25k more than what I paid for it) I paid the refinancing fees and I paid an appraiser all totaling about $800. Wells Fargo called me and told me that they can’t refinance my property because since I live with family and don’t own the property I live in or pay rent they can’t count my rental income as income. (Both properties gross 34k yearly rent and cash flow positive). They said my debt to income ratio is too high. I feel like me living at home and not paying rent should help me in this situation, not hurt me. Is there anything I can do about this or am I out of the $800 I paid for all of this? Thanks in advance!

[Frank Hinck]

@Mateusz Sokol

Find a different bank, it doesn’t have to be WF. The bigger the bank the easier for them to say No. call 10 local banks tomorrow and have the rates before you go to WF branch ask to talk with the commercial banker