I've very new to the space here. I'm 21 trying to get ahead in life, wish I'd started way sooner but better late than never. About to close on a new home in a small town and selling current primary to live/move there. I can't keep my current job that afforded me the house so I'm going to take a pretty decent pay cut and transitioning into a different field of work all together. I really want to buy a rental asap due to money making machines this beach town brings but I don't want to have to wait until my DTI comes down. My DTI is now going to be very high due to my pay cut. Are there nonQM lenders that dont use your income and instead the rental history of the property your going to purchase? Any and all advice is welcome, I'm still very new to all this. Thank you.
@Pearl Miller Congrats with your desire to get into real estate. 21 is not late to get in. In fact, you are well ahead of most people out there.
You can look at hard money lenders who focus more on vetting the deal with less emphasis on your credit. Another option is to find a partner who can help qualify for financing.