u/Firm_Scholar_3408

I tried to do a bank statement loan and I did qualify but they wanted 25% down on mobile homes and in my area, majority of homes on 1 acre is mobile homes. (that’s just too much for me) I decided to do a bank statement loan because I wrote off taxes in the past years and I wasn’t able to qualify for anything else.

I talked to my loan officer and she told me that another route would be i actually pay taxes and then I reapply at the beginning of next year and do a conventional loan. And I did ask if I can only use one year tax returns and she said yes bc i’ve been in business for over five years.

I think I’m just scared that I’m gonna wait these next 7 to 8 months and then try to reapply and they’re gonna be like oh we need another year even though she did tell me that and it’s not that I don’t trust her but it’s just my anxiety getting the best of me. So I would like to hear other people’s opinions on it..

Can I qualify for a construction loan with only one year of tax returns? I’m self-employed and been in business for 5+ years.

i’ve tried to apply for loans before in the past, but I wrote off all my taxes so I wasn’t able to qualify but this year I am trying to not do that. I have seen posts where people are saying that you are able to with a conventional loan but I do have a piece of property that I want to build on so I’m trying to see if I need to wait those two years or if I’m just able to try to apply next year (2027)