First investment property-Denied mortgage
Hi all,
I had saved up about 50K for a downpayment and have approx. 75K in other investments as reserves but made the mistake of switching my employment to all self-employed last year and I was denied a loan because I can't prove current income till I file my 2016 taxes. I have no debt (besides nominal credit card expenditures which are paid off at the end of the month), 786 credit score, plenty of money for a down payment and reserves but what are my other options to getting a loan?
I have read other posts about partnering up with other investors or commercial lenders being a possibility. Anything else?
Thanks!
Most Popular Reply
Sounds like you were trying to get a conventional loan. There are options.
Easiest is seek a local bank out for a portfolio loan. (Loan held by the bank and not resold) They are technically commercial loans against residential property.
Alternatively seek private money lenders or, if more pressed, a hard money lender. After your 2016 taxes are filed, which should be very soon, you can refinance into a conventional mortgage. Talk to a good mortgage broker (not a bank) about how this last part works.
Good luck