Trouble getting an FHA loan approval
I'm in a big dilemma. Me and my wife are both pharmacists and are looking to buy a mixed use property in Brooklyn (around $1M). Unfortunately, because we both work new jobs that give us a 1099 we don't have enough income that the bank will accept (they only accept a W2 or a 1099 job for longer than 2 years). I spoke with a broker and he said that no matter what type of loan whether conventional or FHA, we coudlnt get approved even though we are putting $200K down. We currently have a mortgage ($2500/mo), 2 car payments($1200/mo), and 2 student loans ($1500/mo)which I guess is also playing a role in the bank's decision. Any suggestions on how to get around this?
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There aren't any conforming loan products with 1 year tax return for self-employed. Conforming products will want 2 year tax returns.
You'll need to speak to someone doing non-conforming in house loans. They basically have to keep to the loan on their own books and won't be able to sell it to Fannie Mae.