All Forum Posts by: Brian O.

@Stephanie P. thanks! I'll look into those options.

@Alexander Felice thanks for the advice! Will definitely keep that in mind when I call around, hopefully someone bites. I don't own the property, my mother is currently renting there and was given the option to purchase by the owners. Yes I'd want to close with this loan.

Hi all,

I'm looking for advice on finding a mortgage for a $100k home as newly self-employed potential property owner, but after hitting 2 dead ends when trying to get a traditional mortgage through 2 brokers I'm not sure what to do.

Just left my FT job of 2 1/2 years to freelance under my own s-corp (doing same position in the same industry, totalling 7yrs exp.), but despite having mid-700's credit, $115k+ income, and 20% down, brokers won't continue after I tell them I've been self-employed for only 2 months. So very frustrating. Literally the only time I've thought, "I shouldn't have quit that job."

The property: my mother is renting in Savannah, GA, and was given the option to buy for $100k flat. It's about $20k under market value, and with about $5-10k of remodeling I believe it would be worth around $130-$140k. 

My plan would be to acquire a 5 year loan and aggressively pay it off & rehab under 3 years. Once I have 2 years on the clock of my s-corp and the house is paid, I refinance with a traditional 30 year fixed mortgage, my mother rents from me / assumes responsibility of the house, and I can move on to another project in Savannah.

Saving and paying for the house in cash isn't an option since the owner wants to sell soon.

What can I do?

Many many thanks in advance.