Portfolio Lender 2 yr Self Employed Rule

[Bob Couture]

I am hitting a wall with Portfolio Lenders in Massachusetts. Although their loans are in-house they follow the Fannie Mae guidelines and the one I can not overcome presently is ... 2 years of self employed income history.

The situation is that I have a SFR that I bought and rehabbed with all cash. The home is on the MLS and will expire in 2 months. If I can not get the price I want my back up strategy was to make it a rental. It would be great to mortgage the property to retrieve equity for further investment.

Am I stuck for another year? Any alternate strategy recommendations?

Thank you in advance! - Bob

[Thomas Guertin]

I think after this house is sold, it's time to fire your real estate person. He/She gave you the wrong CMA figuring that you would be happy with a resale price. The problem is that you bought the house thinking you could sell at that inflated price. Hope you sell it soon so you can move on to your other projects.

Tom