All Forum Posts by: Samuel Smith

Hi all, 

I am trying to get some capital. I have a car that is worth roughly 20k and am not having any luck selling it on the private market. An option for me would be to get a loan to take the equity out of the car so I can have enough capital for a down payment. The only problem is my DTI would likely jump over most lenders threshold if I did a conventional 48-60 month term. Would anyone have any suggestions for a lender that can go up to a 10 year term if even possible. I know its unorthodox, but It would be able to help me secure a property I think has a lot of potential value, so I'm willing to do whatever I need.

Hi, 

I have talked to a few lenders about using income from roommates at my primary residence. So far it seems like this type of income cannot be used. Does anyone know if there are any mortgage lenders that are able to use this income without two years tax returns? Is my only option to buy my next property through a hard money lender, due to my DTI not being sufficient without my rental income from my primary residence? Any advice would be helpful.

Thank you 

Hello, 

My name is Sam Smith. I am a 22 year old Consumer Loan Underwriter in Montana. I recently graduated and have been saving everything I can in order to get my first primary home. The area I live in is on the up and coming and property prices have shot up over the last year. the median home price is at the least 500k. I am really dead set on living here though and want to make it work. My ultimate goal would be to get a single family 3-4 bedroom and then rent out the doors and have roommates. From the lenders I have talked to they can only take into fact duplex rental income, so I wont be able to account for any future income with a single family. There are some properties around the area that are 350k and I would hope to get approved for something around there. I think FHA is really my only option that I know of because of my proposed DTI. Here is some of my current financial information to help gauge where I am at.

No Rent Payment

Credit is over 720 

Gross Monthly Income: 3206

I get additional income. Through Turo and  Doordash when I can, but cannot use it in my application because I don't have two years of tax returns.

I have a total of 30k in debt from a car payment and student loans. If I liquidate the cars that I am renting out I would be able to pay both of these off. I feel like that would be my best plan.

I have plenty for a FHA down payment or even a conventional 5%.

I currently am thinking about just applying with these independent mortgage bankers, because it seems like they can approve people with higher DTI.

Is there anything I can do to better my chances of getting approved, so I can start house hacking??