I recently invested in a multifamily unit in Detroit using an investment loan. I have the unit fully tenant occupied and I am looking to move on to the next property.
Do lenders do more than one investment loan per year (for the same person) given you still meet all the criteria? Is it true you have to have the rental rented for one year before they will not consider it as part of your debt to income ratio? My lender wasn't real clear about the requirements and never got back to me.
Real Estate Agent/Investor · Peoria, AZ · Member since 2016 · 2k+ posts · 2k+ votes
7y
If the loan is in your name and the loan is not a portfolio loan, then the maximum allowable is 10 loans according to Fannie Mae. I can't speak as to what each lender has as a requirement, but from what I've seen, most want to see two years of being a landlord before they count that income towards your DTI.
If I were in your shoes, I'd try to find a more reliable and responsive lender as this lender doesn't seem to be overly concerned about garnering your business.