I might fail to close on my first property

[Leondro Brady]

After a lot of work and investment, I'm realizing that one key piece of information I didn't know is going to kill my deal: What kind of financial history I need to get a loan.

I was W-2 employed in 2019. Self-employed in 2020. Apparently I need to have a solid 2 years of one or the other in order to get a loan. Now I'm in a position where I need a co-signer or a guarantor. But nobody in my family can help me. I was raised poor and I'm the one in the family trying my best to dig upwards. This is a rough disadvantage, I'll tell ya.

My offer was accepted on this property. I'm so close.

This deal falling through would be pretty deflating. What do I do?

Any help greatly appreciated.

[Joseph A Gonzales]

What state is the property located? Who is doing your loan? Did you use a broker or did you go to a bank? What type of loan? QM or Non-QM?

2019 what did you do for work? 2020 what was your business? Did you file business taxes or a schedule C in your 1040 taxes?

If your business is the same type of work from your w-2 job and you claimed business taxes or schedule C. You only need 1 year of self-employed income. I am guessing you went to a bank or have a really ****** mortgage broker.

Let me know the details and I can help you and also get you a better person to help you with your mortgage.