OfflineI have two rental houses but I have been unable to refi them because of a high debt to income ratio. I used hard money to buy one and that loan is coming due in two months. I have been trying but I am hitting a wall. Can anyone offer any suggestions? I would like to refi for a year or two?
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and potential profit, you may get a partner or try to sell it.
There are loans for 600 fico scores available but dti may also play against you.
Look at all options and pick best one.
Plan A....Plan B when buying is a MUST especially with HML.
PML may be option.
Wraparound mortgage may work depending on equity
Mike
https://tvallc.isrefer.com/go/RehabLite/renvestr/ Free tools
Try small local banks as well, where they hold the loan in-house and have more flexibility on DTI ratios.
As stated above, always have a Plan B ready when dealing with HML. Otherwise, you have have to sell the property.
Good luck!
- Tom
There was a Livecast a while back I saw on how to find a bank that will do a No season refi on investment properties... Ill try to find it this weekend and post it for you.... Unless someone else beats me to it?
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