loan options advice for variable income on second home purchase

[Margharita Silva]

hi, I have a situation where i own a condo which i bought in cash and have a tenant in it who pays on time.  I am a renter myself in another state. I want to buy another property - even possibly in the same condo building, have 10-20% down payment saved up, have excellent credit 802 - and payment history, have no carrying dept. However, I have very little and invariable income as a freelancer. 

Is there any type of loan i could get? I am planning on moving to the condo i bought while i make the second purchase an investment property and collect the rent to pay for the mortgage. Alternatively, can i use the condo i own and the rent i am currently collecting as a "guarantor" to the loan? 

[Stephanie P.]

Quote from @Margharita Silva:

hi, I have a situation where i own a condo which i bought in cash and have a tenant in it who pays on time.  I am a renter myself in another state. I want to buy another property - even possibly in the same condo building, have 10-20% down payment saved up, have excellent credit 802 - and payment history, have no carrying dept. However, I have very little and invariable income as a freelancer. 

Is there any type of loan i could get? I am planning on moving to the condo i bought while i make the second purchase an investment property and collect the rent to pay for the mortgage. Alternatively, can i use the condo i own and the rent i am currently collecting as a "guarantor" to the loan? 

Get a DSCR loan and call it a day. No income verification other than the lease or comparable rent schedule and 20% down on a purchase. You'll personally guaranty the loan.

Stephanie