hello I'm working as an independent contractor (technically self employed) for some time with a low income starting out 25-30k. What are peoples opinions on whether this will be a major obstacle to my plans to buy a property in the near future with an FHA loan and house hack? looking for another job but will not having much steady income to point to make financing out of reach for some time or is there another approach I could ?
@Michael Terry jr Most banks are looking for two years of self-employment income, so getting a mortgage will be difficult. You could try looking at businesses such as "Lending Home" and "Lending One." There are lenders who will land based on the income from the property, but I think they try to stay away from properties that are owner occupied. I would say to call every business you fine, tell them what you are trying to do up front and see if they will lend to you. It is definitely going to be an uphill battle for you, but you may find a lender. If not, you can at least keep track of all the information and figure out what you need to get approved for a loan from the companies in the future.
okay thanks for the advice.
If you are looking at investment properties, we can offer an asset based loan with 25% down where we don't look at income.
If you are occupying the home, most lenders will want to see two years income for SE/1099.
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