There are a few lenders responding here. I would advice contacting one, or a few of them, and try to get more detailed information. The final decision is up to the UW, and they might be able to get you in.
Carlos J. RamÃrez, PC, ABR, CNE
Associate Broker/Realtor, HomeSmart â€“
Certified Negotiation Expert (CNE)
Ask M and I how it "scored" through automated underwriting. If it was an "accept" or an "approved eligible" then I would bet someone will do that loan. If not, it becomes a manual underwrite, and at that point it is purely underwriter discretion although you haven't listed anything in what you typed that would necessarily disqualify you from a manual.
I don't lend in Arizona but if you would like I would be happy to look at your application and give you an impartial opinion.
Either way, best of luck.
Yet, some lenders--especially some private ones--might be willing to lend to you. You'd most likely end up paying a higher premium--unless you're able/willing to put more down.
Another alternative that you might want to consider is buying the second property with creative financing.
Arizona Homes for Sale by a Guy from Iowa
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