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Can I get a mortgage loan!

I've been working for years with my own business but money is up and down. so I took a full time job to have a secure income for the last 8 months plus I still have a business. Can I get a loan for a home. I've filed taxes every year with some profit and some loss. My company is seasonal work. by ydarkc_433_276 from Pittsburgh, Pennsylvania. May 18th 2012 Reply


Leo Harvey (LHARVEY)
#6 ranked lender in Pennsylvania - 149 contributions

The only way to determine whether you can be qualified is by providing a complete loan application. Lenders look at your verifiable stable income and your total debts to determine how much you can be approved for in a mortgage. Generally your total debts including the new mortgage payment cannot exceed 43% of your gross income. Your credit history also plays a part in the decision. With 8 months of full time work and your intention to continue that work even with the business, that income can be used as the basis for stable income. I would be happy to work with you to get you qualified for a loan. I have been in the business over 20 years and work for an excellent FHA approved direct lender in Pennsylvania. Just shoot me an e-mail at lharvey@annie-mac.com and we can discuss your next steps.

May 18th 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

That's tuff to answer with the limited amount of info you provided... any income or loss will be considered from both sources of income. But here's the thing... if you show a loss one year and a gain the next, and the average between the two years is a loss, then that income will be deducted from your earnings from your full time job... and without knowing what your expenses are, it's hard to say you'll be ok or not.. so the best advice I can give you is to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

May 18th 2012
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J.D. Peck (MortgageColoradoSprings)
#45 ranked lender in Colorado - 77 contributions

I agree with the previous statements. If you intend to keep your full time job, that will be your base employment income and the self employment income/loss over the last 2 tax filings will be avegaged as income or loss depending upon what you claimed as your adjusted gross income (this can be found on line 37 of your IRS Form 1040, then you can take that number and add any depreciation or depletion that you had listed on your schedule c). Therefore, if the combination of this amount over the past 2 years is a loss, an underwriter would divide that total loss by 24 months and deduct that amount from your base monthly employment income. If the average is a profit, the underwriter will add that as additional income. The only statement that I disagree with is that you cannot exceed 43% of your gross income. In many, many cases you can go up to 49.99% but it is best to try to stay under 45%.

May 18th 2012
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Amber Bushnell (amber1970)
#55 ranked lender in Pennsylvania - 8 contributions

This dilemma is common. The new W-2 income does help. There are programs that my company offers that may resolve your dilemma. Call me and allow me the oppertunity to review. 724-791-9933. Amber

May 19th 2012
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,529 contributions

Contact a local licensed NON-bank lender. Give them a full application, and let them determine your options. Generally speaking, lenders can use the income from the full time job as qualifying income. As long as your business is making money - even $1, we can also use that income too. But, BEWARE. If the business is losing any money - that lost will be subtracted from your qualifying job income, and will be discovered in underwriting even if you don't disclose the self-employed business

May 20th 2012
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J D (jjfsmithloans)
#607 ranked lender in California - 27 contributions

Contact us now for your financial solution; We are the right lenders capable of funding your account within 24 hours.mayfundsinc@live.com

May 26th 2012
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