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Peter Padalino
Pro Member
  • Rental Property Investor
  • Centennial, CO
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48
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Residential Purchase Dilemna

Peter Padalino
Pro Member
  • Rental Property Investor
  • Centennial, CO
Posted Jul 27 2018, 12:07

So my wife and I are trying to figure out how to solve our residential housing puzzle...We're currently in a $550K house with approx $200K in equity...House is too big and we'd like to downsize to about a $350K home...problem we've run into is that I lost my job at the end of last year (and am now focussing on our fledgling RE business) along with a 6 figure income - we also own two SFR rentals. My wife has a decent job, but without my income, our DTI has pushed past the acceptable, conventional criteria. We can certainly afford our current (and potential new lower) mortgage, but we'd need a workaround...if one exists.

Anyone have any creative financing ideas about how we might be able to accomplish the downsizing with the variables I've presented?

Thanks!

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