Self-employed (CA) seeks mortgage loan for investment property

[Karen Jou]

Hi there,

I am currently self-employed almost 8 mos now which presents some problems in qualifying for a mortgage loan. I have the down payment. I have a property manager who has managed my other home for 5 years now. Just need a lender to help me get that second one. Advice or guidance would be appreciated.

PS I now live in CA but am looking in SE Michigan where my other property is.

Thanks

[Steven Goldman]

Quote from @Karen Jou:

Hi there,

I am currently self-employed almost 8 mos now which presents some problems in qualifying for a mortgage loan. I have the down payment. I have a property manager who has managed my other home for 5 years now. Just need a lender to help me get that second one. Advice or guidance would be appreciated.

PS I now live in CA but am looking in SE Michigan where my other property is.

Thanks

Karen with self employment income the easiest way to finance a rental property is with a debt service coverage lender. You will need 20 percent down, fees and closing costs to qualify. If the monthly fair rental value exceeds the projected principal, interest, taxes and insurance, than you will qualify without considering your income. A minimum 650 credit score is required. The higher the score the better the LTV and rate. If you have a lower score, you will need more down money. These loans are 30 days to process and at the moment rates are rising. The rates are currently in the range of 6-7.5. I wish you luck.