Getting the loan with a 100k paid off property and 1 month on the job...?

[Anonymous]

Worked for over a decade in IT solid, then last 2 years had a gap of 6 months after family death. Went back to work in same type of job and just a slight amount more money. I have a paid off property of at least 100k free and clear. Only debt I have is one vehicle for 15k. Doing over 55k / year and back to work now for 1 month. On hand cash that has been there for a few months with $3000k.

All I want to do is buy a duplex for 70k, valued at a few grand over that.  Has a signed rent for 700/month and the other side is ready to move in.

Here's why. My house I own is an hour drive from my job and I have it rented out. I don't have proof of the money though so it can't be considered an asset.  On the other hand, I have tax returns for as long as my arm making 50k or more each year. 4 years of perfect rental payments of 825 for a townhouse I've lived in.  Credit score of 700.

Yet the few lenders say I have to put down 20% (which I could if I could get a primary loan, but I'm told I can't get one to pull out the equity). Wait till I've worked for 6 months at my current job or rent the current place I want to buy for 6 months exactly and then put down 15% because of pre-posession of the property.

Is it really that hard to buy a duplex that has a renter that pays more then the payment and is valued less then my personal networth? 

Any ideas?

[StartingOver10]

The red flag is you aren't showing the rental of your primary the way the bank wants to see it: checks from the tenant into your account and a two year history of the rental on your tax returns. It fits the parameter of a 'buy and bail' situation, even though you aren't going to do that...it just looks like you are that's why they don't want to do the loan. How you overcome that is by having a larger down payment on your new purchase. How much are you looking to put down on the new one? What kind of financing are you looking for in the new purchase?

[Anonymous]

Not being dismissive of that as a factor, honestly, but the other home I own is over an hour away from job and my apartment (which I've been at for years), I'm told by 3 different lenders that is not a problem at all... just can't report it as income.

I feel a catch 22. I can't pull equity out of the home I have paid off, because that money I'm told can't be used for a downpayment (or at least not until it's been "seasoned" for over 2 months).  Otherwise I'd pull out the money for the downpayment in a heartbeat.

I'm also told for the FHA it's up to the underwriters understanding of "same type of job".

It's just mind blowing to me, that with a network more then the duplex, and a renter signed for 11 months that pays more then the loan payment and currently making way over the amount needed to pay the loan personally - and last 2 years over 50k. I can't seem to get the loan.

What should I be asking for or doing to get this loan?

The turn down letter I got from one said, "Length of Employment".  Which I'll give them at current job is 1 month, previously 6 months on unemployment and then 15 years basically employed doing the same job. 

Mind you, the 6 months was where my father was in hospice and my current employer basically said, you have no more days off and it's job or family. I put in my 2 weeks and my father died just a bit after that. I looked for a new better job.  Not pulling heartstrings here either.  Just explaining my situation for a better full picture.

[webhopper]

Do you have any assets such as a 401k that you can borrow against? I would look for other ways to get the money. Maybe a signature loan from your bank or credit union. Seems lime your profile doesn't fit with what is in the "Fha underwriting guidelines" because of the short absense from work.