I get where you’re coming from about smaller lenders being more flexible, but I’d still be careful not to overestimate how much sway rental income or landlord history has if your credit is shaky. In my experience, even credit unions have tightened up a lot since the last downturn—sometimes they’ll scrutinize your rental income more than you’d expect, or want extra reserves on hand. And those higher rates can really eat into the cash flow, especially if you’re counting on that property to cover itself. It’s doable, just not always as straightforward as it looks on paper.
Yeah, I hear you on the credit unions tightening up. It used to be a bit easier—back in 2015 I got a duplex loan with just decent credit and solid rental history, but that’s changed. Last year, even with years of rental income, they wanted 6 months’ reserves and nitpicked every deposit. The rates were higher than I’d hoped too, which made the numbers a lot tighter than my spreadsheet said. It’s not impossible, but it takes more legwork and patience than folks might expect.
It’s wild how much more paperwork they want now, right? I swear, my last application felt like prepping for a forensic audit. Having “good enough” credit doesn’t cut it anymore—now you need spreadsheets, receipts, and apparently a crystal ball. But hey, at least it keeps us on our toes...
Yeah, it’s gotten pretty intense. I remember when a decent credit score and a steady job were enough—now it’s like you need to prove you’re the world’s most responsible human. I get why they’re cautious, but sometimes it feels like they’re looking for reasons to say no. I keep every receipt now, just in case... and honestly, I never thought I’d have a folder labeled “random proof of income.” It’s a pain, but I guess it forces us to be more organized? Still, there’s gotta be a better way.
Honestly, I thought I was applying for a secret agent job, not a mortgage. My lender wanted pay stubs, tax returns, letters from my boss, and even a screenshot of my Venmo history. I get being careful, but it’s wild. I’ve got a spreadsheet for receipts now—never thought I’d see the day.