$100k mortgage options for < 1 year self-employment status

[Brian O.]

Hi all,

I'm looking for advice on finding a mortgage for a $100k home as newly self-employed potential property owner, but after hitting 2 dead ends when trying to get a traditional mortgage through 2 brokers I'm not sure what to do.

Just left my FT job of 2 1/2 years to freelance under my own s-corp (doing same position in the same industry, totalling 7yrs exp.), but despite having mid-700's credit, $115k+ income, and 20% down, brokers won't continue after I tell them I've been self-employed for only 2 months. So very frustrating. Literally the only time I've thought, "I shouldn't have quit that job."

The property: my mother is renting in Savannah, GA, and was given the option to buy for $100k flat. It's about $20k under market value, and with about $5-10k of remodeling I believe it would be worth around $130-$140k. 

My plan would be to acquire a 5 year loan and aggressively pay it off & rehab under 3 years. Once I have 2 years on the clock of my s-corp and the house is paid, I refinance with a traditional 30 year fixed mortgage, my mother rents from me / assumes responsibility of the house, and I can move on to another project in Savannah.

Saving and paying for the house in cash isn't an option since the owner wants to sell soon.

What can I do?

Many many thanks in advance.