Nabeil:

I have found a lender that does stated income for self employed people. You can make an appointment to meet with me and discuss this option in detail as well as the property details.

A.Pirson (aepirson@yahoo.com)

You basically have two options:

1) Use a hard money/private money lender who, like Krista said, will most likely want to see income, although not always. But they'll require a large down payment (usally at least 35% down) and have high rates (10-12%).

2) If you'll live in the property, you can use most of the income from the other 3 units to help offset the payment for qualification purposes. So if you have modest income, low debt, and rental income, you may qualify.

And Krista is absolutely correct that stated income/no doc loans are extinct.

Good luck, and please call if you'd like to run numbers. 510.316.7495. Best, Brad Stoddard

Nabeil,

Stated income loans (loans which don't require proof of income) are no longer used so yes, you will have to provide proof of income. In my experience even hard money lenders will want some sort of proof. FYI- 95% of all of my clients who purchased 4-plex's were able to do so using a non-commercial loan. That being said I have seen some 4-plexes that required a commercial loan because of the zoning, but that was a rarity.

Good luck.
Krista