Good morning BP! I have found that, per current Sallie Mae guidelines, no conventional lenders will accept rental income from my SFH house hack (ie I rent rooms in my house and include this on my tax returns. The income covers the bulk of my monthly jumbo loan payments). Without counting this rent, my DTI is too high (~56%) to qualify for a conventional loan without a partner.
Therefore, I’m looking for commercial lender recommendations for a property in Baltimore MD. Best rate I’ve found so far is 5.5% for a 5 year mortgage.
Any recommendations / advice welcome!
What kind of property is that? Commercial lenders look at the cash flow of the property. Do you have the past financials, ie rent income, tax/insurance/other expense?
You can talk to Brent Mcgraw at Mecu.
just fyi commercial loan fes are expensive.
It might look like 5.5 percent but appraisal is like 2K, building report is 1.5K etc....
so your up front cost more than a typical residential property.
If it is a small property with 100K etc.. percetange will be way higher.
@Krista Kennedy ...you can pm if you want, as this falls into a very grey area considering you live there. What are you trying to do? Cash out refinance, or buy another property? It's not clear from your posting.