How do I get a mortgage with 25K yearly income?

Question

Would love to get some help :)

I have 90K cash

It's the first house I'm buying

Looking for an investment property for cash flow

I don't have any debt

My income is only 25K a year.

The banks wouldn't give me a mortgage since they say  that my income minus my current rent and other expenses doesn't leave me  any cash for a mortgage payment even that I would be renting out the  property I'm buying and that would cover the  mortgage.

Any ideas how to get a mortgage with those numbers assuming I'm not going for primary house?

Thank you!

Assaf Kehati · Answer

Ok Brian, is the limit one forum?

Brian Garrett · Answer

@Assaf Kehati No you cannot.

Assaf Kehati · Answer

Hi Brian, yes I posted three times in forums that I thought it's relevant, I'm new here (joined in 2016 but wasn't active more than a week), can you post the same question in different forums or it's not ok?

Assaf Kehati · Answer

Thanks Craig. Still looking for something more creative :)

Brian Garrett · Answer

You have posted the same exact thing 3 or 4 times in different sections already.

Craig Curelop · Answer

@Assaf Kehati - You have a few options here:

1. Get a higher paying job.

2. Start a side hustle. Report that as income on your taxes. And do this for two years. Then the self-employment income will allow you to purchase a property.

3. Find a private money lender (friends/family)

4. Find a portfolio lender. A credit union (usually) that does not sell their loans up to Fannie and Freddie.

You need to fit within Fannie and Freddie's standards in order to apply for conventional mortgages. You likely will not do that making just $25k a year so one of these options is better.