Forgotten Your Password?

Need to Register?

Question Icon

I work for myself what can i get for a home loan

I owned back in 05 before selling but that was when i was working a job. Payments made all on time and in full on a fha 30 yr fixed. Now I'm self employed with credit 690 and hoping to get loaned 200k by farresnolan78634410 from Aberdeen, Washington. Feb 3rd 2015 Reply


Christopher Stancato (Kyle Stancato)
#6 ranked lender in Washington - 59 contributions

How long have you been self employed? I am local..give me a call. Kyle 253-460-6000

Feb 3rd 2015
1
0
Jordan Swerland (jordan.swerland@apmortgage.com)
#102 ranked lender in Washington - 10 contributions

Hi Nolan, I'd be happy to help. We handle self employed income on a few of our closings every month. Call me: 425-274-2214 Thanks, Jordan.

Feb 3rd 2015
1
0
Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#29 ranked lender in New York - 2,236 contributions

As long as you have been self employed for at least two years and show enough income so that with the new loan your debt ratio isn't over 50% you shouldn't have an problems. They will look at your last two years tax returns to determine your income, unless the most recent is less then they will use that.

Feb 3rd 2015
1
0
Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,224 contributions

The standard is 2 years self-employed with at least one year on tax return (IRS) but sometimes only one year is possible. I'd want to review your most recent tax return before give a pre-approval. Your qualifying income is what you report on your tax return after expenses - what you pay taxes on. Any depreciation expense is added back to your income - and a few other things.

Feb 3rd 2015
1
0
Derick Condron (rightstartoregon)
#33 ranked lender in Oregon - 597 contributions

You will be required to produce proof you have been self employed for two years. Depending on your down payment and how your tax returns look (schedule C more than likely) they will average your income off 1 or 2 years of tax returns.We lend in Washington if you would like more help.

Feb 3rd 2015
1
0
Dave Metsker (DaveMetsker)
#38 ranked lender in Oregon - 2,317 contributions

Proof of income by tax returns may be your biggest problem.

Feb 3rd 2015
1
0
William J Acres (William_Acres)
#1 ranked lender in Arizona - 7,802 contributions

so long as you have 2 years of SE employment and filed federal tax returns to support your income, you should be fine.. typically, SE borrowers will have a lot of write offs, so for the most part, they are going to look at your adjusted gross income (with a few acceptations/alterations)... so what ever you claim as income after your expenses, is the same income the lender will use to determine your debt to income ratios.. so long as that number is large enough, you should be fine.. 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

Feb 3rd 2015
1
0
Carl Self (caself)
#100 ranked lender in Washington - 25 contributions

Good afternoon, This is Carl Self Sr Mortgage Loan Advisor MLO #1061345. If you have been self employed for 2 years and have the income based on an analysis of your Tax Returns for the last 2 years 2013 and 2012 or 2013 and 2014 we can take a look at your situation based on the debt and income to determine if you qualify. It is fairly easy to do just as long as you have the income on the tax returns. The problem most self-employed run into is that they write off everything and not all of that can be added back to the income so an analysis is needed to make a determination.Carl A. SelfSr Mortgage Loan AdvisorMLO #1061345206-307-2754

Feb 3rd 2015
0
0
Subscribe to our news feed.