How do get more properties with a maxed out DTI?
Hello Everyone,
My wife and I both work and we own 3 properties. We show rental income on our taxes, so we are a 3 income family. We are debt free except for our mortgages. Yet our biggest issue to get a new conventional loan is our Debt To Income ratio.
If someone's DTI is maxed out, what are the options?
Owner Carry Loan or Private Money Loan. I hear that they still show up on your credit report, therefore adding more debt to the ratio. If this is the case I would not be able to refinance my existing loans if rates went lower again.
Additionally I hear that private money loans can be 7 to 10%. I live in the Denver area and this would through my numbers off just on the hope to “cash flow”
Lease purchase, during the renting period this does not affect your DTI. But to roll this into a permanent loan, this does again go on you credit.
I am stuck. I am new to these creative ways to finance.