How to purchase our first SFH in 2019...HELP!

[Michael Schaper]

Okay so here is the deal. My wife and I are 22 and are looking to purchase our first home. We want it to be a rental after a few years so its doesn't have to be nice by any means. We have just under 50k saved up and we should have another 50-60k saved by the time we go to purchase(totaling around 100k) so we should be okay to put even 20-40% down on a property. 

Here is my problem, I started a commission job in April of this year. It is the first commission job I've ever taken and I know for most conventional loans they require at least 2 years of proof of working for the same company and income statements. Yes the money is flowing consistently and yes I am doing well, but it has only been 8 months, and when we got to buy it will have only been about 20 months. My question is, will we be able to get pre-approved for a loan? Will I need to go through a hard-money lender? What is the best way to do this? I'm not in love with just stacking my bank account, lol I want to invest it in real estate.

Any tips will be appreciated!

[Grant Rothenburger]

@Michael Schaper

Does the wife have a decent w2 job? Can you bring in a co-signer?

Shop around, not all lenders will look at your income the same. Portfolio lenders have more flexibility but a little higher rates usually. These will be your smaller, more local banks and credit unions. Seriously sit down and call every lender you can find a number for in your area and tell them/ask them about your situation. Especially if you can find a lender and loan officer now, will help when you're ready to make a move - pun intended ;)

HML's will not and can not lend on personal residences.