What are some loans that don’t require 2 years of work history?

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What are some loans that don’t require 2 years of work history?

Sole Angel
Member since 2024 · 14 posts · 6 votes

Good morning! What are some loans that don’t require 2 years of work history? I have a high credit score and zero debt; I just don’t have the work history.

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Jay HurstBusiness Member
Lender · Dallas, TX · Member since 2017 · 1k+ posts · 1k+ votes
2y
Quote from @Sole Angel:
Quote from @Bobbie K.:

@Sole Angel what type of deals are you trying to do? 

I’m looking to fix and flip. 

 @Sole Angel  Generally speaking the two year work history is only required when buying an owner occupied property. A fix and flip is based on your credit, assets and most importantly the property itself. 

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  • Bobbie K.
    Lender · Bay Area, CA · Member since 2015 · 13 posts · 5 votes
    2y

    @Sole Angel what type of deals are you trying to do? 

    0Reply
  • Sole Angel
    OP
    Member since 2024 · 14 posts · 6 votes
    2y
    Quote from @Bobbie K.:

    @Sole Angel what type of deals are you trying to do? 

    I’m looking to fix and flip. 
    0Reply
  • Sole Angel
    OP
    Member since 2024 · 14 posts · 6 votes
    2y
    Quote from @Sole Angel:
    Quote from @Bobbie K.:

    @Sole Angel what type of deals are you trying to do? 

    I’m looking to fix and flip or fix and rent it out. 

    0Reply
  • Jay HurstBusiness Member
    Lender · Dallas, TX · Member since 2017 · 1k+ posts · 1k+ votes
    2y
    Quote from @Sole Angel:
    Quote from @Bobbie K.:

    @Sole Angel what type of deals are you trying to do? 

    I’m looking to fix and flip. 

     @Sole Angel  Generally speaking the two year work history is only required when buying an owner occupied property. A fix and flip is based on your credit, assets and most importantly the property itself. 

    Hurst Real Estate, INC4.991 Reviews
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    3Reply
  • Debbie FalesBusiness Member
    Lender · Annapolis, MD · Member since 2018 · 145 posts · 47 votes
    2y

    Fix and flip loans from a private or hard money lender are business loans. You don't need to show income history or tax statements to qualify. Lenders will look at metrics for the property itself including the purchase price, repairs needed, and ARV as well as borrower experience and financial standing.

    Hope this helps. Good luck!

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  • Gary Mascitis
    Member since 2024 · 53 posts · 11 votes
    2y
    Quote from @Sole Angel:

    Good morning! What are some loans that don’t require 2 years of work history? I have a high credit score and zero debt; I just don’t have the work history.


    Hi Sole,

    Not having two years of work history for a fix and flip is no problem. Happy to connect and answer any questions you may have. Feel free to reach out!

    Thanks,

    0Reply
  • Doug SmithPro Member
    Lender · Tampa, FL · Member since 2013 · 2k+ posts · 2k+ votes
    2y

    We really need to know a lot more. If you are working at a W-2 Job, that is not necessary. If you're self-employed or if you want to count overtime or commission, then most underwriters want to average two years. Those are conventional guidelines. If you're talking about Non-QM or investor loans, there are some other programs that you can do. 

    1Reply
  • Logan Singleton
    Lender · Boston, MA · Member since 2023 · 415 posts · 95 votes
    2y

    Your best bet would be to look at a hard money lender who will underwrite the asset in question instead of your personal finance situation. That said, they will still require you to have a minimum FICO of 640 typically and enough liquid funds to cover the closing costs and reserves.

    0Reply
  • William Hutch
    Member since 2023 · 22 posts · 6 votes
    2y

    So I was looking at doing my first fix and flip. I'm in NYC so the entry point is high. I reached out to a hard money lender and they asked for 25% down of the total financed amount which is significantly higher than expected. I had thought I could finance 25% of the purchase and 100% of the rehab. Should I keep shopping around? Has anyone got any recommendations on who to reach out to? Is Hard money the wrong way to go? With Rates 11%+ and a project rehab time 6-8 months. My Fico score is 790. My partners is higher.

    I'm an architect with 10+ years of experience but I don't think that is relevant as I don't work on these types of projects.

    0Reply
  • Alex Hunt
    Lender · Member since 2022 · 441 posts · 134 votes
    2y

    If you are looking to do a fix n flip, it's based on your experience as an investor not work experience. Such as do you own any other rentals or sold any in the last 3 years?

    Seeing a lot of "0" experience borrowers trying to go fix n flip, which we can do usually 5% less LTV on the purchase so 75 instead of 80%. I typically recommend if possible, to buy a turn key rental to get the experience or to do the renovation in cash, bring in someone who does have experience.

    1Reply
  • Mike Klarman
    Specialist · NJ · Member since 2022 · 1k+ posts · 653 votes
    2y

    So, NY is a tough state. Big box lenders hate it.  Lots of odd regulations in NY.  They use Lawyers, not title agents.  

    25% of total costs seems high. I'd expect that you'd get 25% of purchase, 100% of rehab up to 65% of ARV.

    0Reply
  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    2y
    Quote from @Sole Angel:

    Good morning! What are some loans that don’t require 2 years of work history? I have a high credit score and zero debt; I just don’t have the work history.


    You may use a DSCR based loan, fix and flip loan, and bridge loan to qualify with no tax returns

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  • Bobbie K.
    Lender · Bay Area, CA · Member since 2015 · 13 posts · 5 votes
    2y

    Private money would be a good way to go. The deal, your experience and how much cash you have would be factors

    0Reply
  • Timothy Hero
    Lender · United States · Member since 2020 · 1k+ posts · 499 votes
    2y

    Fix and flip loans with hard money lenders and DSCR loans don't look at work history, DTI, taxes, etc.

    0Reply
  • Mike Klarman
    Specialist · NJ · Member since 2022 · 1k+ posts · 653 votes
    2y

    If you have good credit and the capital to float a deal from beginning to end and sometimes the exits can take 6+ months then you qualify.

    0Reply
  • Ryan Davies
    Investor · Salt Lake City, UT · Member since 2019 · 339 posts · 126 votes
    2y

    DSCR and Hard Money

    0Reply
  • Hannah WollmershauserBusiness Member
    Lender · Orange County, CA · Member since 2024 · 21 posts · 8 votes
    2y

    Lots of great advice here! Definitely agree that you shouldn't have a problem with this as most fix & flips can be secured with low doc private money loans. They mostly just want to see most recent bank statements to ensure you have proper funds for the down payment and portion of the rehab budget to start out prior to requesting your first draw. Would be happy to connect and answer any additional questions you might have along the way!

    [email protected]949-844-7270
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  • Jacob Sherman
    12 Penns Trail Suite 138 Newtown, PA 18940 · Member since 2023 · 1k+ posts · 319 votes
    2y

    for fix and flip can do no income no doc and ok to be a first investor as well . what is your scenario looking like ? 

    0Reply
  • Robin SimonBusiness Member
    Lender · Austin, TX · Member since 2022 · 5k+ posts · 4k+ votes
    2y

    I would recommend searching for "Hard Money Loans" or "Fix And Flip Loans"

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    0Reply
  • Matthew Kwan
    Lender · Seattle, WA · Member since 2022 · 482 posts · 768 votes
    2y

    You can do DSCR loans /Bank statements/ Hard money loans, where they only focus on how well the subject property performs in terms of the rental aspects or the ARV aka after repair value. Of course, the rate can be slightly steeper than the conventional loans where it is a full document loan, where they need to qualify you based on your income.

    @Albert Bui @Carlos Valencia

    3Reply
  • Sienna Keillor
    Lender · Newport Beach, CA · Member since 2024 · 13 posts · 0 votes
    2y
    Quote from @Sole Angel:

    Good morning! What are some loans that don’t require 2 years of work history? I have a high credit score and zero debt; I just don’t have the work history.

    Please message me for a loan
    0Reply
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