Asked by Colin, 02150 • Thu Apr 23, 2009
I currently own and live in my family building, renting out two units. I bought in 2005, so I have no equity in this property. I would like to purchase a condo ($320K) and rent out all units in the 3 family, Even with my credit score of 740, I can't get a mortgage. Apparently there are some new restrictions, for offsetting your debt with rental income. Do I have any other options? Someone mentioned looking at a credit union, where they may not have to follow the FHA guidelines.
Thanks for any feedback.
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