High Credit + High Savings - No W2 = Suggestions?

[Account Closed]

Hi all - I'm wondering if anyone has banks/lender recommendations in DFW who can help here: 

I'm starting the search for my first property (thinking North Arlington area). My goal is to find a 3 bedroom SFR for less than 150k, live in one room, and rent/airbnb the other 2.

The issue however is that I'm newly self employed, so I don't have a W2 or income history. On the flip side, I have a good credit score (750+) and high cash savings. Since I'd prefer to use the cash for reserves + my business, I was hoping to find a long-term financing option for the purchase. Does anyone know a bank/lender recommendation who can help in this type of scenario? I'd like to avoid HML and short-term financing in general, and would be willing to put a 10-20% deposit if needed.

Thanks!

[Ronald Rohde]

Originally posted by :

@Ronald Rohde - thanks, I think we have the same definition and my savings is more than $100k, but my ideal purchase price of $150k is separate and intentionally below my means. I was looking for financing options so I don’t have to tie up a ton of equity in a house purchase, and instead use that for business + reserves. I actually haven’t heard of no doc loans but that could be a great option! Thus far I had only seen long term financing options if you have proof of income. 

No problem, with 40-50% down, no documentation of income necessary, property just needs to appraise high enough. Owner occupied is good for interest rate, may only get a 5-15 year note though. If you want to do a hybrid HML, I know you can put your 20% down, have HML for another 20% and minimize that carrying cost...