Self-Employed, Trouble getting a loan

[Bryce Young]

I'm a college student from Utah. My wife and I have been struggling to get pre-approved for a loan. We've missed a few deals because lenders don't see our work history or current employment as reliable.

We are going to house-hack a multifamily or SFR with accessory apartment for 200k or less.

We have a combined monthly income of $2500-$3000 and 15k in liquid assets. She is a 1099 contractor (Graphic Designer), but has been with the same company for 3 months and plans to stay there. I just started an internship that will go until April, so I don't have any pay stubs yet.

The lenders that we have talked to want 2 years of self-employment history to consider approving us. (She is considered to be self-employed). 

We have been trying to get approved for some time. Our credit is great and we have no debt or late payments. 

We are very eager to start investing and we are ready to jump at a deal, but we can't seem to get a loan.

How do we get a loan? Co-signing with our parents isn't an option right now.

[Jeff Rappaport]

Bryce,

Why don't you put your creative mind to work and find a place that you do not need to get a conventional loan. Buy with owner financing, subject to, or lease option. You have some money to work with as a down payment or option deposit. If you let the banks dictate when they will lend to you, how much and how often you will find that is business is incredibly difficult! Come to some of the REIA groups here locally. I am speaking at the Utah REIA next Tuesday at 11:30 and at the new Wholesale Meetup group next Thursday evening. I am happy to chat with you about ways you can find a property to live in without getting a conventional loan. Call or email me! Good luck!