First investment property financing question

[Steve A.]

Hi everyone, we finally did it. Took the first step and put an offer on a property. Now we need to finance it. We spoke to Quicken and said they wouldn't finance our investment, because it wasn't a primary residence or vacation home.  They also said assets cannot be used when financing investment properties.

Problem is we're not sure how to finance this. Do we say it's a vacation home?  Does anybody know a lender in the Seattle area?

Specifics - 

Currently own primary residence with mortgage. I am not currently working. My wife's income is about 35k/yr. Combined we have approx. $1million in assets, above and beyond primary residence.

Any ideas how to finance this and any lenders in Seattle area?

Thanks!

[Andrew Postell]

@Steve A. based on what you wrote above you need a "portfolio" loan.  You should not go to any large/national lender for this type of a mortgage.  Try smaller banks located in the area of the property.  There are loan types that will ignore your income.  Expect to pay a higher rate and need more down payment.  You may need to call 50 different banks to find a loan of this nature.