acquiring financing for a self-employed investor
Hello All,
I would like to gain some insight and tips from the community regarding the challenges I've encountered in pursuit of my real estate goals since resigning from my W-2 position as an architect, which was in March 2017. I would like to purchase my second multifamily property and live in one of the units for a year in order to meet the primary residential loan requirements from most lenders.
I have income from numerous sources including a small business, rental income, some part-time W-2 work, and some 1099 work. I'm not at all worried about making payments as I trust in my ability to produce income and I have a relatively healthy savings account for a downpayment of 3-10%.
The lenders I have spoken with are saying that without a full 2 years of self-employment and tax returns, there isn't even a chance for traditional homebuyer financing. Others are saying that even after 2 years, if the income is inconsistent and not within the same field as my previous work, qualifying will be very difficult in the underwriting process. All of the work I do is related to design of the built environment, construction, or inspecting/estimating home repairs (insurance adjusting).
Any tips or recommendations are appreciated as I'm sure many of you have been through something similar!
edit: clarification