FHA 4plex advice. Can't get approved?

[Alex Kouvatsos]

Hi, I need help getting pre-approved for an FHA loan for a 4plex in NY. Asking price is $299,000. I have 740 credit score, 0 debt, but don't make enough ($35K a year shown on taxes). I have a side business I made an extra $20K this year but it won't be claimed until I do my taxes this year. I have just over $25K saved up, $30K 401K, and a little bit of money in stocks.

I talked to a mortgage lender and he recommended getting a cosigner to help with the low income, but since the co-signer won't be occupying the property, minimum down payment is now 25% with FHA or 20% with conventional.. it actually made it worse for me.

Is there any way I can get approved for this??