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lyne0271 · Joined: 27 Jul 2011 Posts: 1 1.39 Dollars($)

I have excellant credit, (803) $100,000 in cash in the bank and am trying to get a loan for a purchase with a LTV of 80%. What's hurting me is I have rental properties. I take a loss of them for tax purposes. Under Freddie Mac and fannie mae underwriting they do not add back depreciation and interest. I also get $900 a month (gift from parent- part of inheritance) that no one is using as income. I have 24 months of bank statements verifing it and can get a letter written from my dad that says it will be continued. Any idea of where I can be approved? Thank you!

chrisgummerson · Posted: Wed Jul 27, 2011 4:24 pm Post subject:

What state are you in? Most every lender will require tax returns to document the rents received. Understanding that most business persons or investors, use the tax advantages, but there is an underlying issue. You wont qualify for a loan. Sure you may make the money, but for a lender, they feel if you lie to the IRS, then you would lie to the lender. Either you are taking advantage of the IRS or the lender, and that is not something they want to incur. You can amend your taxes, or put more money down to qualify for private financing with 30-40% down.

Posted: Wed Jul 27, 2011 5:01 pm Post subject:

I am in Louisiana. I do have 30% that I can put down. What company do you recommend? Thank you.

jameshogg · Posted: Wed Jul 27, 2011 9:27 pm Post subject:

Hi Guest,

You should contact the local lender and apply for a loan. With 30% down payment, I think you will be able to get a mortgage. This community has a large number of lender and you can seek a no obligation free mortgage quote from them and check out if you can get a mortgage from them.

Thanks

dmitriy · Joined: 29 Jul 2011 Posts: 27 6.27 Dollars($)

Lyne0271;

When you have rental properties, your depreciation, interest, taxes and insuance are added together to come up with your income. Then you are hit for your PITI payment for each property. These rules apply for Fannie and Freddy loans. You need an institution which is well versed with self employed borrowers, tax returns and borrowers with rental income. Anyone who gives you a quote without reviewing your tax returns in depth is wasting your time. I would be happy to take a look and I can give you a firm answer within 15 minutes.

Best Regards;

Dmitriy Bleynis
Regional Sales Manager
STERLING NATIONAL BANK
STERLING NATIONAL MORTGAGE

[Contact details deleted as per forum rules. Thanks.]

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