HELP, trying to get a second investment property...

[Veronica Veiga]

Hiii, I currently own a duplex that I am house hacking, I have had the property for two years now, its an FHA loan at 2.7% therefore refinancing is not an option at this time. Bought my home for 640K worth 810K now, recently had it appraised.

I am looking to buy my next investment property, a fourplex to be more specific. I am looking at either a Conventional loan vs a DSCR loan, don't know if there are other loans I should be considering? I recently had a lender tell me that I would not qualify for a conventional loan due to DOI ratio has to be at 45% and currently I have no debt except for my current home. He stated that I would have to pay 300K to my current home to qualify, which I don't understand why that is. I am a travel nurse and I make good money but have only been doing it for a little over one year and half, but I also have a per diem job, I have been working for that hospital for 4 years now.

Also I would need 20-25% down which I don't have all of at this time. I could continue to work and save that amount which would take me another 1-1 1/2 years, wondering if anyone had any suggestions on other options to fund the down payment. Is there a way or a loan that would allow me to enroll the down payment into the loan? Would that even be a good idea? Thought about a HELOC but I am unsure if I would be able to obtain it and/or if it would generate what I need to cover down payment.

Looking for some clarification/guidance, feel so lost at the moment. Thanks in advanced.