Los Angeles, CA · Member since 2018 · 9 posts · 4 votes
Hello,
For context on the situation,
1. Purchased an investment property in December 2019.
2. Took on ownership of an existing business in March 2020 (revenue/profit are both good).
3. Identified another property to purchase (not as an investment).
4. Was told I am unable to receive a new mortgage for about two years because I am considered "owner of a new business" (as of March 2020).
Are you familiar with this kind of issue of not being able to receive a new mortgage due to the status of a new business owner?
I understand that in the eyes of the underwriter, point #2 of taking ownership of an existing business is seen as starting a new business, and would be difficult to lend to an owner of an 11 months old business.
What are some ways to attain a mortgage without the two year waiting period, given the aforementioned facts?
Please share any experiences or ides, I'd greatly appreciate them.