loan options for someone without 2 years of job experience

[Joe Coe]

Hey everyone thanks in advance for any advice. I'm a young guy trying to get into my first house hack. I opened a pool business little under a year ago. I have enough income, good credit score, and enough for a 5% down payment but not 2 year job experience. I've been talking to lenders and have not found any good possible options besides someone co-signing or seller financing which seems to be really hard to find. Does anyone know a way around the 2 years? 

Thank you,

Joe Coe

[Jon Puente]

Hey Joe, 

Unfortunately, most lenders are going to want 2 years of business ownership because they are looking for the income on your tax returns to qualify for a mortgage.   It is very difficult to qualify for a mortgage with less than a year in business and no provable income on paper.  Your best bet is to wait it out and continue to grow your business for 2 years and try at that point.  

The only other options that may work (but most likely will not) is to do a NonQM loan, such as a business bank statement loan where you show cashflow deposits into your bank account.  However, you will need 15% to 20% down on those at minimum.