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Updated about 3 years ago on . Most recent reply

User Stats

7
Posts
3
Votes
Tyler Krathwohl
  • Rental Property Investor
  • Indianapolis
3
Votes |
7
Posts

Using Rental Income to Offset DTI Ratio

Tyler Krathwohl
  • Rental Property Investor
  • Indianapolis
Posted

Hello! I currently am house hacking a duplex in Indianapolis where I live on one side and rent out the other to cover my expenses. I have an FHA loan on the property and have lived there for over 1 year. I am looking to move out and buy another property, but have been unable to qualify for another loan due to my DTI ratio. My lender said I need 2 years of rental income for it to offset the debt.

If I were to move out and rent both sides out, the mortgage would be more than covered by rental income. Is there anything I can do to get approved for another mortgage apart from waiting another year to show the 2 years of rental income on my tax return? Thanks!

Most Popular Reply

User Stats

7
Posts
3
Votes
Tyler Krathwohl
  • Rental Property Investor
  • Indianapolis
3
Votes |
7
Posts
Tyler Krathwohl
  • Rental Property Investor
  • Indianapolis
Replied

@Justin Polston Thanks for the reply! Yes I have a normal W2 job outside of real estate. The lender I worked with just wouldn't let me offset the debt with the rent since it's only been a year. Do you mind sending me any local lenders that have helped with this?

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