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Updated almost 8 years ago,
REI Friendly Lenders in TX
Hola BPers!
I'm in San Antonio TX and am attempting to do my first 1031. The house I'm selling should net around $90k (selling due to immense increase in value and the rental market where it's located isn't cash-flowing as nicely as something would in SA). However, I'm running into DTI issues. I need to buy properties (I would like to get 2 or 3 out of the deal) that have a purchase price greater or equal to $270K (sale price of the home). The issue: my DTI will not allow me more than $200K from our usual conventional lender/broker.
Question: Does anyone know a good Texas REI lender that can work with me to get qualified for over $270K of net new purchases. My credit is excellent. The properties I'm not selling cash flow above 1% rule. Obviously I have the capital from the sale. Hitting a wall here. My fiance has a much better DTI than I do but he can't be on the mortgage (so we are told) due to the fact that he isn't on the deed or mortgage of the property we are selling for the 1031. Any help is greatly appreciated folks! Have a great weekend and happy deal-hunting!