Need advice from mortgage guys!

[Dustin Allen]

Hi All,
need a little advice. My wife and I purchased our home in california last year with an fha loan. My wife was offered a new job in las vegas and she took it. We rented a house and I am still commuting at my job in California. I do have the ability to transfer when the time is right. So, once she took the new position we sold our home using a land contract, which im carrying for 5 years.

Now we are looking for a new home in Vegas. I have talked to maybe 20 loan officers, every single one saying something different.

I can do 10% down if needed to, maybe even 20%. I would prefer to get an FHA loan though. Now all the loan officers ive talked to are trying to treat the sale of the property as a rental property. With that being said, you need to have 25% equity or 2 years on taxes to use the rental income, which there is neither. So the problem is that without the "rental" income were at like 56% DTI. So ive been told regardless if i put 3-20% im still over my DTI

is this correct? Any other ways?

thanks

[Account Closed]

he may take the write offs at tax time for the property, but you still are receiving income each month in the form of payments...you must report those, and if you have been reporting those, then it's proof that they have been paying you consistently.