Mortgage Blog

Q:I just purchased  a property for 900k with 417k Loan as primery.
I have one property and was rented out a few years back
with no primary house now(currently renting).
The only problem is that I did not file tax return yet
for 2009. My Debt To income ratio is 40% if using the rental income,
It's over 50% without the rental income.
Why I can not get a loan from most of the lenders?My LTV is so low.

A: The problem is that the lender can not verify your
rental income. Nowadays, the lender has to verify it from
your tax return and you don't meet Fannie Mae guideline
because of that(you did not file the tax return yet).

You can definetely go to some lenders who can allow using
rental agreements to verify the rental income.

Another option is to close the purchase first as a rental property and refinance 4 months later. You can qualify if you purchase it as rental.