Updated over 7 years ago on . Most recent reply
Finding a lender for rehabbing a property I own. high DTI
I had renters destroy my property and I'm having trouble finding and understanding where to go for a loan to get it back up and renting. My husband is in Medical Residency and our high DTI has prevented us from getting any Home Equity loans we've applied for so far. I'm new to turning the home I raised my children in, into an investment property and I'm hitting all brick walls. Meanwhile the property is just sitting there and I'm at a loss. Any help would be greatly appreciated.
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#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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- Fort Worth, TX
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#1 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Lender
- Fort Worth, TX
@Tammy Howard try posting this in the Louisiana forum. Use the subject line of "Looking for Rehab loan in X City" and see if you can get any local advice. It looks like someone here has already weighed in but maybe some others will in that forum too. Without knowing how the bank calculated your DTI I can't give you any specific advice but in general small, local banks do give our renovation loans up to 75% or 80% of the value of an investment property. Tag me if you have any specific questions. Thanks!