Any Suggestions in Getting Approved for a Mortgage?

[Bajic]

Hello Seasoned Investors,



I am currently on a roadblock and am asking for your advice in how I can solve this problem. I have attempted to get pre-approved or pre-positioned in getting a mortgage. But unfortunately since my job is based on full commission, the banks have not approved of me in getting the amount I hoped that I wanted ($100,000). I know that I cannot get anything decent for this amount. And I do not want to go to a private money lender because its expensive.



I was thinking a joint-venture partner but because it would be my very first investment, I prefer not bringing in another person in the picture. Due to the fact I do not have any experience, plus I would not know how to react when there would be a dispute between the joint-venture partner and I.



Would there be any other useful solutions that I do not know of that can help me achieve my goals in real estate?



Very much appreciate your Feedback. Thank you.



Aaron.

 

[mortgageman]

There are "B" lenders that will do commission income and stated income on revenue properties. They will require at least 25 percent down and possibly more depending on the property type. They will also most likely be limited to larger centres.

The interest rate will likely be in the 5.5 percent range - depending on your credit, etc.

What city/province is the property going to be in?

Jason

 

[Bajic]

Sudbury would be the city. My credit is above average. Last time I checked it was 750 in January with 3 credit checks since. Planning on getting a duplex or triplex. Would just like clarification "A" lenders are banks and "C" lenders would be private money? "B" Lenders are examples of?



Thank You!

 

[Alvaro Sanchez]

Try to contact a mortgage broker in your area.

 

[invst4profit]

Depending on your long term investment goals it may be wise to rethink your employment options. If real estate investment is something a individual desires to scale up they need to make long term plans. Income is definitely a factor and in your case commission income will always be a restriction to financing.

 

[CurtisSvidal]

One option may be to have a co-signor/guarantor, usually a family member. Although this is more common with owner occupied applications it has been done for investment properties as well when the primary borrower has either income or credit issues. Co-signors/guarantors don't normally expect to have to pay on going support so they must believe in what you are doing.

Ideally time will put the primary borrower in a position to qualify by himself/herself and the co-signor/guarantor can be released from the obligation in a few years.

 

[Thomas Beyer]

Show a 3 year income history via tax filings, or use a higher interest rate lender if this proof is not available. Use a mortgage broker familiar with investors in any case.

 

[Tibo]

Where in Sudbury do you want to invest your money. Do you have a realtor? Reason I'm asking is this is the area I invest in and I do have contacts they specialize in business loans. Let me know if intrested then I can give you some leads to get you started here in Sudbury.

 

[Bajic]

Thank you all for your responses! I really appreciate it!

 

[Bajic]

That would be great Tibo. Would you kindly pm your email?



Thanks.

 

[Tibo]

contact : [email protected]