That is going to be a challenge but it is definitely possible. You're going to need to shop around a lot! And I would try talking to local portfolio lenders as well. They may be a little more flexible than other lenders.
You're probably going to have to go with some kind of private money, portfolio money, or wait until you have at least 2 filed tax returns showing self-employment income. Most lenders do primarily Fannie Mae financing and the Fannie guidelines require at least two years of filed tax returns to qualify as self-employed.
If you can't qualify for Fannie Mae financing, then you need to do portfolio or private financing. As you're calling around, let the loan officer know right up front that you've only been self-employed for a year and see what they say. You'll know right away if they can help you or not.
hello @Elvin Pena need more detail. All depends on the following:
Commercial or residential.
If resi, is it sfr, 2-4 units
If commercial, what type? Retail, hotel, 5+ resi, etc
Owner occupied or non?
Approximate loan amount? And/or as-is value and Arv.
Asset base, other properties to cross collateralized.
If you don't want to share this info publicly, you can pm, email or call me and I can give a quick idea of viability and approximate rate and terms.
single family for me to live in and the amount 250k. I own another house about the same price with 50k equity. But the bank i asked they all need 2 years self emp ! Is there a way to do this ???
if its an investment property then no problem