Lost job due to COVID - how to get financing?

[Dave Pommeranz]

Aloha everyone!

Like many, I was a service-sector employee who was made redundant due to CV-19 back in mid-March. Prior to this I was the General Manager of a brewery/restaurant for over 3 years with solid W-2 income. I am staying busy, however, and pivoted into starting my own business helping companies navigate these times by recruiting and developing smaller strategic teams. Additionally, my wife (who faced a very similar job loss) and I are in the process of launching a second business that is within the food and beverage space. Long-term, I believe these businesses will have a far greater income-generating opportunity than our previous jobs, not to mention the ability to control our own destinies.

Prior to these recent job-losses, we were looking to finally jump into the market here in Hawaii to purchase our first home (ideally house-hacking a single-family to offset the high purchase price). We have considered out of state investing, however the high cost of rent here makes it attractive to buy instead. We have managed to save a strong down payment, both have credit 760+ and are not concerned about our ability to earn money (even in this unusual landscape). Thank you for sticking with me, hopefully that provided context for the following financing questions:

1. If I could go back and work for my employer as things open back up, it would definitely not be in the same position nor income level. Would it be beneficial at all to do this purely from an employment history point of view?

2. If I do not go back, however am able to maintain some income through the new businesses, what does that realistic time-frame look like to get approval for a mortgage?

3. Are there other avenues other than private money, seller financing and finding a cosigner that I am not considering?

Mahalo in advance for any and all advice. This community has done more to enhance the wealth of individuals than any job or investment ever could.

Dave.