Okay guys help me calm down here.
My business partner and I have an accepted offer on two rentals as a package deal. We are dealing with a local bank who specializes in rental property loans. The total loan amount for the combined properties is only 36k. We are doing 10k down. They said they will get back to us with an approval or denial by the end of the week. We are apply jointly and both make 60k+ a year just off of our day jobs. Credit scores are both over 700. My only debt is my car. We should be good right? I mean a mortgage that small would be a piece of cake to pay.
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If your credit is good, the only other objection could be your individual debt to income ratio. I would not stress about it, it won't help get you an answer any more quickly. If you can't relax about it, just call the lender and ask if they have any particular concerns about your loan getting approved. They will tell you.