Barb,

The issue is that I currently have a $380K mortgage on a 3 family that has had steady rental income for the last several years. Based on the three loan officers I have spoken to, about 5 weeks ago they placed new restrictions on rental income to offset expenses. I make money on the property, and have a rate in 5's. These FHA restrictions are new. Unfortunately I would have qualified 5 weeks ago. I just wasn't sure if any one was familiar with working with credit unions.

Thanks,
Colin

Colin,

Try a different loan. Bring in more funds.

Best,

I am sorry to tell you but the FHA has the most liberal guidelines. However, where did you go to learn this and how far into the process did you get?

Qualifying ratios, down payment requirements etc. are more demanding these days and so it's tougher to get a mortgage even with a good credit score. As frustrating as this situation is, it's also good.

There used to be an expression - If a bank won't give you the loan, it's not worth pursuing. In other words, it's too risky, it's a bad business concept or you're spreading yourself too thin. No matter what the reason, the bank has looked at the figures and determined that it's just too much for you to handle and be safe. Why not take a moment to listen to that?

Do you know exactly what you need to do in order ot qualify? If you don't, you should find out. Rather than looking for some source of funding so that you end up in a precarious position, why not find out precisely what you need to do to get the loan and then spend the next 3-6 months slashing your current expenses so that you have paid down debt or added to your down payment ability so that you do qualify?

Believe me - that is exactly the right way to go. Assuming you've gone to a credible financial institution, this is a message you should really listen to. The more fiscally sound you are, the faster you will acquire wealth.