Financing first deal with no income
My difficult position is that I am currently unemployed, though I work as a contract electrician in chemical plants, I’m usually unemployed a few times a year, though make consistent yearly salary.
I recently went into a lease option deal on a duplex, valued at 275k. I will have the option to purchase after 2 years or earlier. I would rather do it now (I have no prepayment penalty), however given that I'm unemployed, I fear that I couldn't get a loan. Money isn't an issue here, its the bureaucracy of the matter. Would it be possible to apply for an FHA and use the other tenants rent as income, being as though they have been there for 2+ years. Your response will be greatly appreciated