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sjulyan
62 Posts |
 Posted - 05/27/2008 : 08:41:07 AM
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Does anyone know if you are able to get around the FHA guideline that states 3-4 unit properties have to be self sufficent?
I have a loan that is getting an automated approval and the total dti is 21/32. However on the operating income statement the net rental income is less than the new piti payment so they will not do the loan.
Anyone able to get around this guideline? |
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adubois1
695 Posts |
Posted - 05/27/2008 : 10:16:08 AM
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Have your client raise the rent. If a 3 or 4 unit property is not producing income there is a major problem somewhere. So the investment turns into a burden on the client.
Raise the rent accordingly and obtain new lease agreements.
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