All Forum Posts by: Danick Joseph

@Emanuele Pani

That's what I meant to say sorry I thought the two were interchangeable, but his first strategy was to try to refinance prior to running into this DTI wall.

@Tarik Turner

Yea it’s an owner occupied property.

Hello everyone,

I came across an interesting situation recently and I'm in need of some advice. A close friend of mine has a SFH with about 300k of equity built in, owned free and clear. He is trying to pull out $140,000 out of the property by getting a 2nd mortgage, however because of his student loan debt his DTI makes it virtually impossible to obtain a conventional loan.

Have any of you guys faced a similar situation? If so how did you solve it?

Are smaller banks like credit unions likely to have the same DTI requirements?

Lastly, are there any portfolio lenders you guys have worked with in South Florida that might be interested?

Thanks in advance!

Hey man, your numbers look good to me. I’m still learning, but with limited financing options I think you did the right thing buying it cash.