Hi everyone, I have tried to finance my first investment property from numerous angles, most seeming to be in vain. My situation is that I have no proof of income and of course can’t get pre-approved for a loan apparently unless I go stated or no-doc. I have an excellent credit score of 749. Still, since I have very few tradelines and only one credit card, maybe one more open account, I am having trouble going “stated”. The reply I got with my most recent attempt at a stated income approval from a bank was that they still wanted to see some kind of proof of part-time employment, etc.
I am hoping to purchase a home here in Baltimore, MD in liveable condition for 40-90k and either use it as a rental for several years and have my tenant pay the mortgage, with my assistance in order to pay more rapidly… OR to live in the property. Either one would probably mean that I would do repairs and upgrades when possible.
Where can I find a lender who will support me in my efforts?