Investor · Scottsdale, AZ · Member since 2011 · 509 posts · 134 votes
Hi guys,
I quit my corporate gig in January, and have been wholesaling/flipping full time for roughly 6 months now. Im getting ready to purchase my a primary residence, but would like to leverage via fannie/freddie.
Whats the most economical way to obtain this type of financing, seeing I dont have a W2 income?
Denver, CO · Member since 2015 · 251 posts · 123 votes
11y
Check with a mortgage broker or bank but.....I can almost guarantee that you won't be able to get standard conventional financing until you have been Self Employed for at least 12 months. And even that is due to a recent change that won't be forced on the GSE until February or so.
Lender · Nationwide Lender · Member since 2015 · 1k+ posts · 814 votes
11y
@Jared Vidales You have to have 2 yrs of self-employment income to be able to use it for mortgage qualification. There might be an option with 1 yr, but nothing with 6 months. Once you have a solid 1 yrs of self employment and 1 yr of self employment taxes filled then find a good mortgage banker.