Updated over 6 years ago on . Most recent reply
Debt to income ratio problem
Recently I moved from my old property (I purchased a new home) so I decided to rent it out. Now that I'm ready to buy a new rental property I have a debt to income ratio problem since the lender told me I need at least a full year of the property that was rented for them to see that "income" (or at least that the house is paying by itself), right now they looking at it this way: He is paying for both mortgages out of his day job.
Does this make sense? I also read that I should look into portfolio lending.
Thanks!
Most Popular Reply
Yes, that is common. My lender wanted 2 yrs, demonstrated by tax returns.