San Diego · Member since 2017 · 57 posts · 23 votes
I bought 2 properties in '18 and 2 properties in '19.
I'm having trouble with DTI because the properties I bought in 19 haven't had income for very long during that tax year even though the tenants are going on year 2. My lender suggests I wait until next year for a 400k loan. I'm assuming I would have to wait until I file taxes which will be around next march.
Does anyone have any suggestions or should I just wait until I file my taxes in 2021?
Investor · Lakeland, FL · Member since 2017 · 1k+ posts · 1k+ votes
6y
Find a portfolio lender that can write you a commercial loan - versus a residential lender. If you don't know what a portfolio lender is, it is a lender that holds their own loans in house (versus packaging them for Fannie Mae to buy). Portfolio lenders have more flexibility to look at the bigger picture (what are the person's other assets, does the person have investment accounts he could access for cash in an emergency, etc, etc.) Commercial in general looks to the property to justify the loan, versus the person as much.
Fannie Mae forces a lot of rules and regulations that will get in your way on the residential side. A commercial loan is probably your best bet. It will be at a slightly higher interest rate, and sometimes shorter term... but it will probably get you deal done. You can literally just call up the commercial loan department of your local banks and ask them if they hold their own loans, or sell them... any loan officer will instantly know the answer. You will want to look to the local banks... not the 'big boys'.