Loan Qualification for Self Employed

[Ersin Eren]

I am self employed and my past 2 years tax income is average 25K and wanted to invest in 4 unit which cost around 700K.

I talk to mortgage broker and he says ;

you can typically borrow 4 X’s the annual income you report as income. This will also be based on an average of 2 years if you have a self employed component.

Based on the returns you show ($28,104 & $23,554) Averaged = $25K

So you would qualify for $100K of mortgage debt.

4 unit in my area around 700K

My question to you is if i want to put 20% down

700-140= 560K

And take a loan for 560 K loan 30 years= 2500$

2500$(principal+interest)+ 1500$(tax+insurance)= 4000$ monthly

4 units * 1,250$ rent = 5000$ gross rent income

Is there any chance to get a loan if i prove the rental income will cover the mortgage payment ?

Or because i am self employed i am locked up without option!

Best , Thanks for any help.