I am a young dentist and my DTI is skewed when taking into account my student loans. I can qualify for physician's loans as they don't take student loans into account when looking at DTI but I can't use them for investing, as I understand it. I own my office and the property with it. I do have some equity built in the property and could pull it out.
I don't really want to pay off my student loans right now as I have no idea what the government is going to do with student loan policy and it might make more sense to pay the lowest amount and have it forgiven in 20 years anyway. However, that becomes the hurddle for DTI in qualifying for loans.
Any recommendations to overcome this hurddle? Would working with a small bank in my small town be a good idea as they would know me? Would looking for private investing or maybe looking for a partner and being a silent investor work?
One option is you could use a commercial lender for your purchase. Many go off of the income of the property instead of your personal finances. There are plenty out there. You could also partner with others on deals and use their credit or DTI to qualify for purchases if necessary. I would start by calling a few commercial lenders and some small banks. Be truthful and tell them about your situation and ask them what options they have for someone in your position. You will be surprised what is out there.
Use a DSCR loan. No Income, No Employment History, and No DTI calculation.
Easy loans to qualify for and they can close quick, if the appraisal doesn't take too long...
You took on the loans with the intent and promise to pay them back. Now you want the rest of us to pay them back while you enjoy your career as a dentist.
Did I get that right?
I'll hold back how I really feel about people like you.
I agree, you should look into DSCR loans. Best of all, you can put it in your business for liability and free up your personal credit for later use. DM me if interested.
Have you looked into income based repayment?