Your best bet would be to contact a Private Lender. Banks and Conventional Lenders are hesitant to put their money out unless they can be sure of getting their money back. They want their investment back plus interest. They do NOT want the property back
A Private Lender will consider your income and your ability to repay the debt and the Appraised Value of the property you're trying to finance. If you can present to the Lender the financial viability of your rental property to break even and cover expenses and make a profit, that will have a positive influence on their final decision.
Being an income property, you will have to use Hard Money to finance it. Most Hard Money Lenders are short term lenders, The average term of a Hard Money Loan is from 6 to 18 months. That doesn't give you much leeway to repay the loan. Another thing to watch out for with Hard Money Lenders is in inclusion of a "pre-payment penalty" clause. This well cost you should you pay the loan off early.
Once you have acquired the property and have a history of profit with it, you will have a better chance to qualify for Conventional Financing.
May I suggest a company that I have recent experience with and have serviced my non-conforming clients very satisfactorily. They are licensed in the State of Georgia for Home Mortgages as well as Hard Money Loans. They will lend up to 3 years on Hard Money Loans which would give you more time to establish a history for your investment. They will never include a pre-payment penalty clause in their agreements.
Their contact information is:
The Westmoore Group, LLC
Ph: (646) 801-6190
Fx: (646) 619-4291
The Westmoore Group, LLC is a licensed lender in the State of Georgia and operates under the license #30544
It's worth looking into. At the very least they can advise you as to how to go forward.
Best of Luck
You would have to qualify with both mortgage payments along with your other debt.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePathÂ® | HomePathÂ® Renovation | HomeStyleÂ® Renovation | VA | USDA | GA Dream | Jumbo Financing