Bank will not give me enough. Now what?
Hello,
I own a 2-family I bought as owner occupied.
Market value around $225k, I owe $179k.
I tried to get a loan for another 2-family as owner occupied. One bank wouldn't even talk to me unless I bought as an investment property, another said they would do the owner occupied.
Credit checked out but they only offered me a $75k loan because my debt to income ratio is too high. The properties I am looking at are around $220k.
They are basing their calculations on last year's tax return. Out of the $60k I made last year they only used $45k after deductions (showed a loss on the rental because of the initial rehab).
I am now renting both the units and with my job, my gross income is $85k.
But the bank is still looking at the $45k!
Can I do anything in this situation? Do I have to wait until next year so I can use 2014's tax return?
Thank you!