I heard back from my underwriting help desk. I am pasting their response below:
At a minimum, we would need filed tax returns showing a FULL 12 months with the present SE business, and then we may consider using the prior SE business as a history. The new business would need to have the same or greater level of income as the prior.
They can and will get your financing done with a better Rate and Term that most other Lenders 9 out of 10 times !! They are the ONLY mortgage professionals that I trust for my clients !!
Sam Yaffey, Realtor
Century 21 Sunbelt (at Surfside by Starbucks)
I have the right lender for you, who can make it happen, as long as your credit score is above 620.
Please contact me
I have written to my underwriting manager for clarification and will report back on Monday.
You need a..... Stated Income ALT..... type loan for Self Employed borrowers.
Read about them here:
100% LTV- VA
100% LTV- USDA
99% LTV- FHA/580 score @ lower LTV
97% LTV- NO PMI
97% LTV- CONDO- NO PMI
90% LTV- 2nd Home- NO PMI
90% LTV- JUMBO- NO PMI
85% LTV- Super Jumbo- NO PMI
85% LTV- Invest. /Rental
80% LTV- Foreign Nationals
70% LTV- Manf. Homes over 90k
STATED INCOME ALT-up to Super Jumbo
90% LTV- Short Sale, BK, Foreclosure Forgiveness
80% LTV- FIX nâ€™ FLIP Invest. Prop.
75% LTV- Foreign Nationals
70% LTV- Soft and Hard Money
Pro Option Mortgage/ Florida
Ph: 888 662 4404
Prior Service: U.S. MARINE CORPS
That could immediately dictate whether the income you earn can be considered or not.
I also noticed that you're looking for financing in the 33914 zip code, where I'm an expert in homes, both on water and off-water. It's a great section of our city. I've lived here over 17 years and have extensive knowledge of our community, boating, fishing, biking, kayaking, and so much more.
To get you started, please contact me, and I'll put you in touch with a mortgage broker while I research homes for you to view on the internet from the MLS. By the way the MLS is so much more accurate that the websites available to the general public, which are often very out of date.
Just contact me!