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Updated about 1 year ago,
Issues obtaining Conventional loan due to unique job
Hey, BP community,
I am running into issues trying to obtain a conventional loan for a duplex. I currently own two duplexes and one single family in the area that cash flow well. I am an overseas government contractor with a good income. I have been in the career field for over a decade. I work two months on and two months off (this also makes closing tricky as I'm not paid while I am home even though I am a W2 employee). I am currently in my second rotation on an "indefinite contract". Before this, my wife and I went on a two-year sabbatical to go sailing. Before that, I was doing the same contract work and rotation schedule for three years just with a different company.
The problem continues to be I don't have a year's worth of employment records to appease the Fannie Mae requirement. Are there other options to obtaining a loan? Could I use my LLC that the properties are in as a year's worth of income, supplemented with my current personal income? The lender I have been working with hasn't come up with any solutions other than it can't be done.
Would love to hear your guys' input.
Thank you BP community and happy holidays!
-Brandon