Asked by Jim, • Sat Jan 12, 2013
Fledgling part-time investor w/2x 4plexes in LA. Laid off from FT job but still have positive cash flow from the two buildings. I have a healthy cash reserve but am starting a consulting business.
The mortgage broker I have always worked with said I'd need to be self-employed for two years to be approved for a loan. Trying to see if there are other options. The details:
-want to buy another tri- or fourplex in LA, or even possibly a commercial property (5 ) if that's viable/feasible
-want to live in one of the units (owner-occupy)
-have substantial cash reserves (could cover a few years of a loan payment, no sweat)
-have excellent (770 ) credit
-can provide awesome past two year tax returns, no paystubs, and no confirmation of employment since I'm newly self-employed.
-want to put as little as I can down. Have read about 40% down (60% LTV) no doc mortgages, but hoping for lower $ down.
Anyone hear of products that may fit the bill? Or am I stuck with 60% LTV?
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