Must be an LL for at least 2 years to qualify for mortgage?

[Bienes Raices]

Wells Fargo is doing mortgages and HELOCs on investment properties again. I was talking with the rep on the phone and told him I'd been an LL for 1.5 years. He told me they need at least 2 years of tax returns with LL income to do a loan on a rental property. Is this a common requirement these days? I'd never heard of this before.

[Bryan Hancock]

Wells Fargo is one of the most conservative lenders around. I would suggest finding another lender to do business with. Small regionals or credit unions will generally be more aggressive and sometimes even have real bankers working for them instead of order takers.

2 years is common for certain types of loan products.