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All Forum Posts by: Diosney Moraga

Diosney Moraga has started 1 posts and replied 1 times.

Hello everyone,

I am new to the world of real estate investing and would appreciate any suggestions. I am currently facing a challenge with obtaining a FHA or 5% conventional mortgage. After leaving the Navy last year, I had a couple of W2 jobs, but this year I started working on a 1099. Additionally, my wife has started her own business and is also on a 1099. Lenders are hesitant to approve me for a loan because I don't have a two-year history of tax returns on a 1099.

The only option presented to me by lenders is a conventional loan with a minimum of 20% down payment. The house I am interested in is priced between 300-400k, and I don't currently have the 20% down payment required. However, I do have over 100k in equity on a rental property with a 2.5% 30-year fixed rate.

I am considering selling the rental property and doing a 1031 exchange to buy the new home. However, I really need a larger home and the 2.5% fixed rate is something I probably won't see again for a long time. It seems crazy to sell a property with such a low interest rate.

I would greatly appreciate any suggestions on this situation. Thank you.