Chicago Multi-Family Roadblock

[Michele Richard]

Hello all, 

I am in the process of buying my first property but have hit a roadblock. I want to house hack a 2-3 flat in the west loop or river north of Chicago but do not qualify for a loan because I am a 1099 employee that started work the end of last year and I am being told I need 2 years of documentation to show sufficient funds.

My husband has a W2 job but his commission is not accounted for either, so we only qualify based on a very small income that does not reflect our overall income status. 

With that being said, I want to buy a multi family (roughly 800K-1 million) and house hack with a 10% down using my own funds and would like to figure out a way to do that. I know asking a family member to cosign is a possibility but I am open to any other suggestions. We also would be open to other investors joining our team to help us out while making a nice return. All advice is appreciated in advance! 

[Eudith Vacio]

Hey @Michele Richard - I'm sorry to hear that you're having difficulities getting approved for this property. While I am not a lender, I have worked with individuals that were 1099 contractors that didn't file taxes or could not prove through their taxes / pay stubs that they were making money so they used bank statement loans. They're great, but require a higher down payment, usually 20-25% down and a higher interest rate. I can DM you the lenders that we've used in the past, if that is something you are interested in, but I really do hope you're able to find a way!