I need advice on getting a portfolio lender!!!
I have a a quad that was appraised at $290,000 and I owe $284,000. Its a zero down VA loan and I have only had it a couple months. My debt to income ratio is 43%. I have enough capital for a 25% down payment on a $150,000 property. I will still be able to keep 6 months of expenses in the current quads account for vacancy/emergency. I am currently collecting $650 on two units and $675 on one and then i live in the fourth unit. I also collect $600 a month in residual income from Aflac but only for the next 2 years so i can't claim it with a large bank. I also make $41,828 a year before taxes. How should I go about getting a loan from a smaller bank that does portfolio loans.