How to get financing with "job"

Question

Hello,

I am new to BP and new to real estate investing, my wife and i have recently moved states and in the process left our jobs. We have no debt, own our cars, excellent credit, and have enough capital to finance a small home on our own but do not want to tie it all up doing so. Our intention is to use this time and opportunity to learn to be full time flippers and real estate investors, but we are having difficulty getting that first mortgage due to not having jobs. Looking for some insight on the best direction to go here, we are 100% in on this and excited, we just need to get financing. Any tips would be helpful, thanks in advanced!

Christopher B. · Answer

@Riley Chapdelaine

That mortgage broker may only have access to traditional government-backed mortgages.  Lenders or small medium banks that have loans available that they don't sell, like possibly the credit union you referenced is what other brokers might have access to.

Riley Chapdelaine · Answer

Thanks for the insight @Christopher B. as of right now i am dealing with a local credit union who requires a large downpayment, we do not have approval yet but have gone the farthest into the process with them. Speaking with a mortgage broker they said it's a black and white requirement to have a current income to sell their mortgages to larger institutions.

Christopher B. · Answer

I'm not a lending expert, try and lookup mortgage brokers.  They will have access to multiple lenders.  Ideally, you should be able to explain your situation to them, as you have above, and they should be able to get you to the lender that fits your situation, if any.  Alternatively, for a real estate investment, you may be able to get someone to go on the loan with you.