Updated over 10 years ago on .
Looking for options with financing
Hello all,
We have been looking to get into our first investment property. We like the idea of house hacking and have been looking at duplexs and tri's. I spoke with a loan officer from my local credit union just to ask some questions. Through our conversation she came to the conclusion that we would not qualify because I do not have long enough work history. I have been employed steadily with a solid salary my whole adult life but took a year off and lived in africa for awhile. This was 2013-2014. That didnt make the loan officer happy and she basically told me that I would probably not qualify for any type of mortgage loan. Credit is decent and I have a nice chunk of cash. Not 20% but was looking to do an FHA or similar low down payment loan. I also did recieve income during this work free year via a pull from my retirement account. Would this qualify as income or do they want to see W-2 work? If no mortgage, what would be some other good options? Hard money then refi? any info would be appreciated!