Personal Refinance Help! 1099 Income NO BANK STATEMENTS!

[Alec Hilliard]

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!