Self Employed Owner Occupied Financing for House Hack

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Hi all - My husband and I moved to Denver in October. We got a steal of a deal on a condo and fixed it up. We used private money to finance the deal (it was only $77,000) with the intention of changing over to a convention mortgage after the property seasoned for 6 months. However, we are running into problems finding a lender.

We have been self-employed as a construction business for nearly 20 years. From Nov 2013 to October 2016 we shut down the business to work on a volunteer project. So for those years we show no income. We started our business back up in Nov 2016 and have been profitable. There is no lack of work for contractors in the Denver area. But what I'm finding is that lenders want at least 1 year income tax return showing profit.

We are eating a little humble pie right now for not investigating better the newer restrictions on mortgage lending since the crash. So I'm looking at all options and hoping someone might have an idea for me. The mortgage payment is only going to be around $400. I could work at McDonalds and afford it.