I suffered a kick to the stomach today. I work in the healthcare field, I make good income, receive a W-2 but I only work in 3 month throughout the year for multiple employers. My plan was to purchase my very first property by December of this year. It was to be a house hack duplex or triplex using my VA loan. I started the VA loan Pre-approval process, and today I spoke to the Loan person, her response was that my work history prohibits me from going forth.
The Loan Officer says the bank is looking for 2 years of steady employment with at least one Employer, and since I work for different companies throughout the year, it puts me in a bad position. I explained my situation; while I work for different companies throughout the year, I have never been unemployed and have the tax statement to show I have constant Middle class income. It sounds odd and nontraditional, but that is a common work template for many in the healthcare field.
After our conversation she said since I have worked for one of the companies multiple times, roughly equating to about a year and a half, the underwriters may be able to work around that. She then emailed me some documents to fill out, to further explain what we discussed on the phone, but I fear I'll it wont be enough, and once again I'll be denied.
My goal here in my beginner stages is to invest in small multifamily dwelling rentals and eventually ramp up to larger condominium investments (20-50 units).
I'd really prefer to get some type of traditional bank financing for my first deal, I have the steady pay, credit score and and DTI to receive it but that work history issue seems to be a killer for me.
Now that I've been denied, Its really put a fire in my belly. My goal was to purchase my first property this year, and I'm gonna get this done!
Are there any opinions on how to go forth in my process. I was Thanks all.
