Bank will not approve

[Melissa S.]

Any thoughts out there?

I have a W2 job, greater than 800 credit score and only 2 mortgages. I was looking to get pre approved on a mult family today and the bank will not approve. Im using a HELOC for the down payment, which is 25%. They indicated my debt was too high. How do I go about getting this multi that I am interested in ?

[Shaun Weekes]

Quote from @Melissa S.:

Any thoughts out there?

I have a W2 job, greater than 800 credit score and only 2 mortgages. I was looking to get pre approved on a mult family today and the bank will not approve. Im using a HELOC for the down payment, which is 25%. They indicated my debt was too high. How do I go about getting this multi that I am interested in ?

You need to work with a broker or loan officer that has experience with Sch E income and working with investors.  Doing this will make your investing journey much easier.

I hope this helps and have a good one.