New Investor Financing Question (FHA Loan)

[Zack Pirulli]

Hey Everyone,

6 months ago my father and I purchased our first 3 family rental property in CT using a conventional loan putting 20% down. All has been going well and ever since I have dove head first into REI.

We have been looking to purchase our second property most likely with an FHA or 203k loan because after putting down the 20% for the first property we don't have the cash to put 20% down. My father owns his own business and I work for the business as of December 2018. The lender is telling us that I need to wait 6 months before getting pre qualified because he needs about 6 months worth of income to qualify me. He said even with my father as a co-signer it will still be 6 months. Is this true? Would it be easier for my father to get qualified for the FHA or 203k loan (he has owned the business for 16 years)?

Any input or advice on the situation would be greatly appreciated. Thank you in advance!

-Zack