Jacksonville, FL · Member since 2016 · 48 posts · 14 votes
Hello All,
My partner and I are under contract for a property in upstate NY. It's a small place in a great location. The purchase price relatively low, only $47.5K. There is currently a renter in place.
For financing, we went to a local bank , only to get denied because our debt to income ratio is too high. Though between the two of us, we have enough cash on hand to buy the property outright, and currently have a couple other income producing rental properties, a conventional loan is going to be hard to come by.
I have contacted a couple companies that do rental loans, but the purchase price of the house is too low for their standards.
Does anyone have any suggestions for lenders that may be a good fit for us?