Creative Financing on Owner-occupied Multifamily

[Aaron Shuman]

Hi All,

I've recently moved to Atlanta and I'm looking to purchase and 'house-hack' a multifamily property. I have money for a down payment, but a hurdle I am facing is securing a conventional loan. As of 2017, I've started filing my taxes as self employed. That, combined with the recent relocation, is making it difficult to get approved. 

Does anyone have any suggestions or ideas for finding creative financing? I'd appreciate any input. I'd be looking to move out and sell the property within a few years, so adjustable rates or short terms would be options.

Thanks!

[Aaron Shuman]

@Jeffrey Holst - Yes, I'm certainly hoping that I made enough income in 2017 for the loan amount I would need. I've had lenders tell me that they typically want to see 2 years of self-employment history, but will sometimes accept 1. Throw the recent relocation in the mix and it's looking pretty grim. Haven't applied yet, though, so it's possible.

@Rosely Tirado - Yep, we would most likely go FHA, or conventional with 5% down if we could get it. My girlfriend and I are first-time home buyers.

@Kyle Muth - I'd be interested to hear more about this. Using an LLC would, however, disqualify us from FHA? Sidenote - my girlfriend is from Westchester :)