All Forum Posts by: Upen Patel

@Rick Novotny The lender is right. To be able to use your overtime income, you have to show that you have consistently been earning it for 2 yrs. With regards to your roommate rental income, if you don't have executed lease agreements (which is what I am guessing what you are doing), then the rental income can't be used.

This has got nothing to do with the lender and everything to do with agency guidelines. If you speak with a private/hard money lender then they will be happy to lend to you.

@Luke O'Connor I would recommend you speak with @Brie Schmidt

@Brian P. As @Russell Brazil mentioned your options will depend on how you are holding the property. If you are hold them in your personal name, then you can easily get a Freddie/Fannie 30 yr fixed loan. If it help in LLC, then you will have to find a lender that offers a 30 yr fixed residential portfolio loan (this will carry a rate premium) or you can go the commercial portfolio loan which is a balloon.

@Juan Elias-Tovar A residential loan is based on your credit, income and the property itself. No the income can consist of many parts - your income (W-2, 1099, self employed) and the rental income you generate from the subject property and any other properties you own.

So, theoretically, if you had enough rental income to meet the DTI ratio of a loan, then YES it can be done with rental income alone. Of course that is not likely, but it can be done.

If you go the portfolio route and are willing to pay a much higher rate, then you can get DSC (debt service coverage) based loans.

Hi! @Ira Dallam Welcome BP.

Hi! @Stacey Diaz Welcome to BP. Good to see more folks from DMV.

@Jameson Sullivan Find a new mortgage banker. As long as the other units are rented at the time of loan funding, the rent can be used to help with the purchase.

Hi! @Elena Keith Welcome to BP.

@Carson Sweezy Thanks for the mention.

@Account Closed Based on what you have stated, most likely you would have to buy as investment. Once you move in you can refi into an OO loan.

@Russell Brazil Thanks for the mention.

@Justin B. The bank is following AML requirements set by the US Treasury. The only way around is if he monthly income is $4,000 or more, then some banks/underwriters will let it pass. She can't exclude the account, as she wrote the EMD check from it. The only other option is to let the deposit season for 2 months and then submit it to underwriting.

Good luck.