I suspect you can always find SOMEONE to give you a portfolio loan even if you don’t qualify for normal financing. I can’t speak to SD, but one lender in NY/NJ does 65% ltv stated income in 2013, cash out or purchase. Stated income can be no more than 4x of funds available after closing. This is for owner occupied sfr, duplex, or condo.
Another lender does non-occupied, treated as a commercial mortgage as I described earlier.
Besides, $42,750/yr guaranteed income ain’t bad. You can always find some job that nets an additional $30-40k/yr, rent the house, and move into smaller digs. 2-3 bedroom apt for $1500/mo, let’s say.
