Can't Get a Loan Due to Low Income

[Manco Snead]

Greetings all,

I'm up against a not uncommon scenario; can't get a loan from my credit union because of my low income. I'm hoping investors more experienced than myself may be able to steer me in a more productive direction:

Objective: owner occupy a single family for live-in rehab/flip for approx. one year then sell or refi.

Approx. price of single family: $150k - $200K

Anticipated down payment: 5%

Income/work history: $22,500/yr. Went back to school a few years ago, finished this June, now working part time in same field that I went to school for. Schooling can often be counted as work history. Have not found full time work yet.

Assets: duplex(both units currently occupied), purchased 6 yrs ago for $265k; close to $400k market value now.

Duplex total rent: $2,225/month

Duplex loan: approx. $150k remaning on loan (had put down large down payment)

Other debt: none

Cash assets: have enough for down payment and reserves for above mentioned single family

Credit score: good (don't know the #)

If anyone has ideas of how to approach acquiring the above mentioned property I'd greatly appreciate your thoughts. My low income seems to be the credit union's sole reason for not granting me the loan.

Much thanks.