Own a STR rental,want to buy another,but 100% of my income is STR

[Chris Smith]

I own a pretty successful STR rental home, which is also currently my residence. I want to buy another home to either live in and use as a STR, but 100% of my income is from my STR... Fannie Mae WAS allowing STR to be used an income, but stopped allowing it when Covid hit.

Now I've been looking for a loan ($350k-435k total home price, 20% down) in the State of Washington, to buy another home to live in full time or use as a STR.

Only lender I can find has told me the new home has to be either:

1) Equal or greater to my current home (which is ~approximately 4500 s/f, 7 bedrooms, which now run about $1.1 Million in my area (which is way out of my price range.) Anything less, he said, the underwriter considers a "downgrade" and won't approve it.

-OR-

2) The new house has to be at less 50 Miles away from my current house as a "2nd home".

Searching for over a year and this is the only lender I can find to even begin the loan process with.

Anyone know of any lenders who will use 100% STR Income for a "2nd" home loan?

Thank you.

[Leslie Anne Morris]

I'm wondering if you could qualify for a DSCR loan considering you have experience operating a STR. It is worth exploring. The rates will be higher but the criteria will be more focused on what you are buying. I think the only stipulation is that you won't be able to live in it. It would need to be for investment purposes.