Investment Properties Affecting my DTI for Primary Residence
Hi all,
Hoping some of you wise investors will be able to help my current situation:
- husband and I own 4 investment properties including our current primary residence (2-family)
- only 1 of these properties is in my name (our current primary residence)
- we have joint tax returns, so income & expenses of all showing up on my tax returns
- we are looking to move, and since my husband recently moved to self-employment income, my usual go-to broker says we are severely limited on our ability to qualify for a new primary mortgage, due to DTI that takes into account all investment properties.
- If we used just my income, we should be fine on amount we want for new property mortgage, but broker is also saying all properties counting against me because they are on our joint returns
- to complicate things, I am looking to use a VA loan for our new primary residence mortgage
Can anyone help? I'm in Massachusetts and have no idea what "investor-friendly" lenders there are? I've tried 2 brokers, and I'm guessing big banks will have same issue. (I should be OK even if I have to include that property).
Thanks!
HT