Does my type of income qualify me for a conventional loan?(Bank statements loan?)

[Faiz Kanash]

Hello all,
Just a general question. I primarily work with hard money lenders to satisfy my needs when it comes to my projects as a fix n flipper, however there is also benefit if I'm able to work with conventional loans, such as possibly getting FHA approval to buy a multi-family property.

The issue is, my income isn't consistent which I know is a problem. I don't receive monthly deposits, instead its just large deposits every 4-5 months or so. I know there's the option of getting loans based on bank statements, but even with this information is it possible to get a loan still? Or, am I gonna have to tough it out longer until I'm generating monthly income?

Thank you!

[Derek Brickley]

Quote from @Faiz Kanash:

Quote from @Derek Brickley:

Hi Faiz!  So then are you possibly looking to buy a primary residence or an investment property?  Correct me if I'm wrong, but it sounds like the deposits are from your flipping business?  Whether this income would qualify you or not would largely depend on how much you claim on your taxes and for how many years.  A safe, generic guideline is to average your taxable income for the past 2 years.  Bank statement loans of course would look at the total deposits into your account and use a percentage of that as income.  Hope that helps, but definitely depends on your situation and what exactly you might be looking for!

 Essentially both, yes! Either use it to purchase a primary residence, or purchase a multi-family property and live in one of the units while renting out the rest(preferably the second option). And yes, my deposits are primarily from my flipping business.

I'm just overall unsure whether or not I'd even qualify for FHA/conventional due to the fact that my income isn't monthly.

Got it!  Nope the fact that it's not monthly does not in and of itself disqualify you.  Would be happy to connect and learn more about your situation though to see if we might be able to help!