Impossible Investment Loan? Please advise!

HanyHany · Joined: 02 Oct 2009 Posts: 1

Income = 80K+ per year + unofficial $1300 per month rental in my single family home.

Have a current Loan in primary residence = 400,000 of 820K at 5.5% 15 year, mortgage+tax = 4750 per month

Want to purchase multi family, investment family, in new jersey, 4 family, for 441K, 30% down (potential income = 1500x4)

Is there a product out there for this loan?

EricJ · Joined: 09 Jan 2009 Posts: 321 Location: New Jersey

Hany

Thee biggest issue you have is that your current mortgage is a 15 yr. That payment is high and will keep your ratios high as well.

A suggestion...

Look for a building that is 5 units or more. That would be a commercial loan and not a residential loan. Commercial loans are determined by the cash flow of the building. They are not going to focus on your other monthly obligations. If the down payment and cap rate make sense, you would get the loan.