FHA loan without a W-2?

[Leo Kwok]

Hello all!

So I have a somewhat unique situation hoping someone can give me some advice... so I am ready to start looking into a house-hack type deal, and I will be looking for a 3 or 4-flat in Chicago to do this with, and obviously I want to do a FHA so I can take advantage of the 3.5% down, problem is I just found out that I have to have a W-2 or paystub to qualify for that.... I quit my day job at the end of last year and I have no intentions of looking for another one, as my current flip projects is making more than sufficient income for me... I only started my flips this year so I do not have the necessary 2 years of self-employment history needed.... so my question is there any go-around to this or is there some other alternatives I can look at so that I don't have to do 20% down?

thanks in advance for your responses!!