I'm looking to buy my first multi-family. I have a large lump sum saved in an investment account for down-payment and any additional costs. I currently have no debt and make under $100k a year. Because of my savings and lack of expenses, I'm in a very comfortable position to make my first move, but because my income is mid, I'm unable to meet the Debt-to-Income requirements to qualify. Sure, I could look for a higher paying job, but I was wondering if anyone has any creative short-term methods to improve my ratio. I've heard that some people have used a trust account or something similar as a method of income, if you can prove history of payments and continuation of these payments. Would I be able to do this with an investment account?
I mean myself and any bank would need more details, but if you utilize that large sum as a downpayment and have a small mortgage, wouldn't you easily qualify for the debt to income? I assume you want to live in one side of it? The property itself should bring in revenue ( even if you choose not to live in one side) and generally a bank will accept a portion of that rental income into the calculation.
Have you actually talked to a bank? Call around and talk to a few people I'm pretty sure you will find someone who will make the time for you who can tell you pretty much on the phone if you could qualify and ballpark for how much.