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Private Lending & Conventional Mortgage Advice

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Jon N.
  • Chicago, IL
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Conventional lender recommendations Chicagoland

Jon N.
  • Chicago, IL
Posted Apr 2 2018, 10:05

Side note: I hope this doesn't violate BP's TOS. Does this post qualify as a lender request? If so, I'll take it down.

Hello everyone, long-time lurker here on BiggerPockets. I've learned a huge amount from these forums; thanks for all the good info everybody has contributed!

I just submitted a purchase offer for my first rental property: a 2-unit that cash-flows well reasonably close to my house (I will self-manage). Here's my situation though: I have enough cash for a 25% downpayment/points/closing costs, but my mortgage broker is unwilling (or doesn't know to try) to count any rental income towards my DTI because I don't have two years of Schedule E's. This puts me in a tough spot, because the mortgage payment is going to be just out of reach for my DTI (roughly 53%) unless I'm able to count rental income right away. I'm self-employed, so I could try not deducting as much on my 2017 taxes to make it look like I have more income, but then I'd have a huge tax bill and wouldn't have as much for the downpayment.

I'm going to be contacting portfolio lenders this week to ask about their requirements/rates, but in the meantime, I was wondering whether anybody has suggestions of conventional lenders who don't overlay Fannie regs here in Chicagoland. I'd like to save as much money as possible with this deal.

Thanks all.

Jon

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