Have $30k for down payment, want to buy a home, no w2! Help!

[Mealyann Saing]

Hi my fiancé and I have about $30k for a down payment on a home. We’re looking to buy a multi family home in Long Beach, CA so we can house hack and live in one unit and rent out the others. The problem is we don’t have reportable income! My fiancé gets paid all cash and I am a landlord for my current home, profiting about $2k a month. However the current house loan is under my grandfathers name and he reports it on his taxes. Is there any way for us to get approved for a loan? FHA or conventional?

[Amy Beth]

You would need two years income for yours to be considered. Your fiancée would benefit from looking at getting a w2 job because off the books income is not going to count.

Also your current financial situation seems dangerous to me because of the loan of your house being in your grandfather’s name. When he dies other family members would likely have rights to the house and they may not want to continue with your arrangement. And you would not be able to qualify for a loan to take it over in your current financial situation.

Imo you and your fiancé need to work on making yourselves financially ready for a loan.