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Getting a mortgage using only husband's income

Our annual income is pretty similar, altho my husband is selfemployed so he goes from as low as $50k per year to once he made over $80 including some bonuses. We'd use my income but my credit is 651 and his is 710. Can we do get with just his income or will it be hard since he's self employed? by vangoch544634 from Madison, New Jersey. Jan 20th 2015 Reply


Jamie Ware (YourMortgageGuy)
#72 ranked lender in Pennsylvania - 44 contributions

You can get a mortgage with this information you have disclosed. There isn't much difference between the two scores. I might be able to use his income if his income was the highest in 2014! contact me if you would like assistance!

Jan 20th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,927 contributions

For self employed borrowers, the lender will take a 2 year average if his income has increased year over year.. or they will use the lowest of the past 2 years if his income has declined.. Keep in mind that the lender is looking at his income after all deductions.. If his business makes $1,000,000 per year, but after deductions he net's $20,000 then the lender will use $20,000 as his income for qualifying purposes.. the upside is that if there is debt on your credit report that is being paid by the business, then that monthly expense can be deducted from your ratios giving you greater purchasing power.. but realistically, we would need to see the entire loan secnario including tax returns to properly advise you.. for this reason I suggest you contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Jan 21st 2015
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Chris Neuswanger (mtnmortgageguy)
#95 ranked lender in Colorado - 84 contributions

A lender will usually average two years of self employed income (although in some cases one year will do). Keep in mind as it's tax time you have a window of opportunity to have a lender review his income and if it's a little short for what you want to do you might be able to ease up on the numerous deductions self employed people are allowed and show a higher net taxable income for 2014. Mortgage brokers are generally more willing to advise you on this than big banks are. I am not suggesting you increase the gross income beyond what it really is, that would be fraud (don't go there) but there is no rule that says a self employed individual has to claim every last deduction he is entitled to. These days a dollar a month can make or break a loan approval sometimes, so if it's really close you need to plan and decide if paying a few extra dollars in taxes is worth it if you can also get a loan approval in 2015. If you are located in Colorado I would be happy to assist you.

Jan 21st 2015
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