All Forum Posts by: Cole P.

UPDATE: Basically what happened was there was talks of United Wholesale Mortgage (UWM) going under. They pre approved me and locked my rate at 2.75% in early March. When rates went crazy the last couple weeks, VA jumbo loan rates went to 5% and UWM wouldn't be able to sell my mortgage at 2.75% so they came up with some excuses as to why I didn't qualify.

I ended up falling out of escrow then the sellers came back to me a few days later with a lender that could fund the loan at a slightly higher interest rate (3.125%) to get the deal done. 

Been a hectic couple of weeks. Hoping to close soon!

@Donald E Appleberry

Thanks for reaching out, I’m in SD as well. That was my understanding. At this point I’m leaning toward having someone co-sign then refi in 8 months once I have 2 years of rental history. If you could send me your contacts that would be great. Thanks again for the help.

I'm currently in escrow for a property in southern California. I have two rental properties that I used an investment loan and an owner occupied loan to purchase in November 2018. Before I got my offer accepted for the new property I was pre-approved through a lender for mid $700k. The underwriter came back and said that since I don't have a full two years of rental income itemized on my 2018 & 2019 taxes that the rental income generated from the two properties will not count towards my income for the Debt To Income ratio.  

This is a new rule in 2020. Prior to this as long as you had 2 years of tax returns with rental income in any part of each year you could use that income. Under the old rule I would qualify because my 2018 taxes show rental income for November and December. 

Does anyone have any ideas of how to get around this? I've thought of having my parents co-sign but they aren't able to because they aren't veterans. I've also thought of having a friend co-sign that is in the military and refinance in 8 months to get them off the loan. Any thoughts?