All Forum Posts by: Tim Walsh

Quote from @Tim Walsh:

I am wanting to purchase a property for a possible brrrr. I know my first option I am looking at is long term rental. I switched over from a w2 job to being an independent contractor this year, but I do have a house I purchased years ago with an FHA loan. I have had a signed lease on this property since 2/1/2023 with great tenants. What are my financing options? Thank you and I apologize for how the post reads.

As you know, most lenders will require two years of tax returns once you begin as an independent contractor... however, some will do "bank statement" loans. 

My advice would be to talk with as many lenders as you can if you get turned away at the start. Talk to local banks, credit unions, and mortgage brokers. If you have sufficient income in a steady industry, I believe you will find someone that will make it work to help you out. 

Plan on potentially having to have a lot of conversations, and don't get discouraged if you do not get the answer you are looking for right away!