New Investor Having Trouble Finding Financing in Athens, GA.

[Sterling Cox]

Hello,

I need some advice, help and/or suggestions.

I currently have a contract on a fairly solid deal on a house in Athens, GA. The house is a 4/2 in a good college neighborhood. So far the process has progressed smoothly. I had my approval letter, we came to an agreement on the purchase price, the inspection went well, and I got the appraisal. I was applying for a conventional 30 year fixed-rate mortgage with 20% down from a well-known bank. Currently we just finished our due diligence period.

After all my paperwork went through, my loan officer called and said she couldn't do the loan. For this year I don't have any W-2 income, only 1099. It's complicated, because I'm a merchant seaman with a sporadic work schedule. Every time I work on a ship I get a different W-2, but I haven't worked on a ship this year. I took a job as an instructor to supplement my income on my time off, and they pay me as a private contractor, i.e. 1099. I've worked for 2 months this year, but only teaching. I have W-2's for every year previous to this year going back 12 years.

I have a good chunk of money saved up in the bank, so my bank statements are solid. I even tried to get a "co-loan" with my partner, but her debt to income ratio is too low to make it work. I plan to go back on a ship in a month and earn W-2 income, but I don't want to lose this deal.

Are there any unconventional loans or strategies for someone in my position?

I greatly appreciate any input.

Thank you in advance!