Personal Refinance Help! 1099 Income NO BANK STATEMENTS!
Hey guys, I'm in a predicament.
Here's the story:
We bought a house to fix n flip in August 2020 with a HML.
We fell in love with the property/location, etc. We want to purchase it for ourselves.
Lenders said we could do a refinance into our personal names, everything was dandy and good to go.
We were going to use an FHA loan due to a BK about 24+ months ago.
Got "pre-approved" verbally at the mortgage office with a 2.75% rate for 30 years.
Today, they basically said because I'm 1099, self-employed person, they won't be able to do the loan after digging in a little more.
They said due to COVID, they aren't looking at bank statements anymore as well.
So, for the moment I'm stuck in a HML with no foreseeable way out of it.
My options are:
1) try to get a co-signer for the mortgage.
2) sell the property :(
Is there anyone out there doing long term loans based on bank statements?
The loan would be 240k and ARV is 290-310k.
Or what other options could I look at?
Thank you, guys!