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I'm self-employed, can I get a mortgage?

How am I supposed to go about buying a home, if I am newly self-employed; 2 years.? by kirtyim_973_737 from Dunlap, Illinois. Aug 23rd 2011 Reply


Michael Devitt (michaeldevitt)
#31 ranked lender in Illinois - 7 contributions

Per the Fannie Mae Selling Guide "A person who has a shorter history of self-employment -- 12 to 24 months -- may be considered, as long as the borrower's most recent signed federal income tax returns reflect the receipt of such income as the same (or greater) level in a field that provides the same products or services as the current business or in an occupation in which he or she had similar responsibilities." This would on a case by

Aug 23rd 2011
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Michael Devitt (michaeldevitt)
#31 ranked lender in Illinois - 7 contributions

Sorry about that , it would be review on a case by case basis along with good credit I don't see why you couldn't get a loan. If you should have any additional questions please click on my profile for my contact information. I hope this helped you.

Aug 23rd 2011
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Deborah Garvin (loanmonarch)
#493 ranked lender in California - 53 contributions

Seasoning of self employment is only a small portion of the analysis of whether or not you will qualify for mortgage financing. Income (net, not gross) is usually the biggest stumbling block Most self employed people tend to write off every possible tax deduction open to them. This is a great idea; except self employed borrowers' income is written against the bottom line, not the gross profil. A mortgage professional can analysis your tax returns to provide an answer to your question.

Aug 23rd 2011
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