All Forum Posts by: Dina Joseph

I was about to say DSCR can be an option for you. Try to work with investor-friendly lender and agent. We know the loopholes as independent contractors ourselves.

I was in a similar position; had the cash I needed for down etc. but couldn't get a loan. I got my dad to cosign for me then I refinanced the property into my name year or so later once I had the W-2 history.

Hey Dina! How long have you been self employed? Depending on timing, you could do a bank statement loan. It allows for owner occupied and max 90% LTV.

With DSCR, while it doesn't look at your income/DTI/work history it does NOT allow for owner occupancy.

Good luck! 

Here's another tips: It's better to invest (the DSCR fund) in the market where only DSCR loan is accepted in that market, rather than investing in the market that could accept QM loan also.

You need to build the work history. However, there are opportunities through different types of loans if you are willing to put significantly more down (50% or more). You could also consider a hard-money lender, but rates will be very high. Owner financing? Subject To?

@Dina Joseph

You won't get an owner occupant, conventional loan with the 1099 and current amount of work history. At the fastest, you can obtain one on 1 year of tax returns but the lender will take say 50% of that income toward your DTI ratio so your buying power will be hit hard.

Only other option to buy will be to use a non-owner occupant loan (which technically you can't intend to occupy) such as a DSCR OR maybe a non-conventional portfolio loan like a bank loan or asset-based loan.

All those types of loans will typically require higher down payments and interest rates than a Fannie Mae/Freddie Mac backed loan.