Ways to get a mortgage with only one year in business?

[Collin Shamrock]

I would like to purchase a Duplex in Buffalo as soon as possible, but I do not have 2 years of tax returns saying I only started my business 6 months ago but I do have 30k saved and 760 credit score. Does anyone know of some options that may be out there?

[Dustin Singer]

It's possible, I bought my first property with a little over a year in business (we were doing flips before this). The lender required a profit and loss statement and balance sheet, along with personal guarantee etc. Have to find a small local or regional bank that keeps their notes in house. Otherwise referred to as portfolio lenders. They do not have to obey to Fannie and Freddie guidelines, and therefore can underwrite based off of in house processes. It's for sure possible, will just have to reach out to some banks. Good luck!