Financing in Atlanta>Question Details

atlskyline, Real Estate Pro in Roswell, GA

I'm a real estate agent. Can I get financing if I've changed my brokerage in the last 2 years?

Asked by atlskyline, Roswell, GA Sun Nov 24, 2013

I actually started my own brokerage in September of last year and left my old brokerage in February this year. Will this transition reset the 2 year minimum employment history requirement?

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0 votes Thank Flag Link Tue Feb 25, 2014
Yes by all means you can. One thing you need to look out for is if there was a drop in income over the last 2 years. Call me to discuss because this is going to be a new item that is going to trip up a lot of deals this year and going forward. I am available 7 days a week.

Marc D’Angelo
Mortgage Banker
678.442.3405 Office
678.985.6834 Fax
404.925.8291 Cell
mdangelo@brandmortgage.com
apply online: mdangelo.brandmortgage.com


50 Chastain Center Blvd. | Kennesaw, GA 30144
NMLS# 75615 | 658834
0 votes Thank Flag Link Tue Jan 14, 2014
More than likely, you will need to at least wait unitl you have filed your '13 Federal Income Tax Returns. Had you simply changed from one company to another, it probably would not make a real difference.

Since this is a brand new company and you are more than a 25% owner, there are additional business expenses to be considered.

There are a number of variables so something else might cause a different response.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203(k) Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
0 votes Thank Flag Link Mon Nov 25, 2013
Depends on the loan type, nature of employment with the former brokerage and income stability.

Is the loan a conventional, government backed or private lender?

Were you a broker associate or an agent?
Were you W2 or 1099?

What is your net personal income?

Assuming you have less than 30% down, and the loan is not "hard money" or "portfolio" type mortgage.

If you were a broker at the former office then you may be eligible. The next question is how much net income have you averaged the last 2 years? The gross is not as important as the net. If you write off everything, the underwriter will base your debt to income ratio off of your net income.

Never-the-less no you probably do not have to wait 24 months.
0 votes Thank Flag Link Mon Nov 25, 2013
atlskyline,

It is possible but there are several additional questions that need answered including the following:

1) While you were self employed with both your old and current brokerages, I am wondering if you were simply an agent with your old brokerage while you are the broker with the new one. If your duties are the same for both companies the clock for self employment would not be reset, if, however you were more of a manager and not an active agent in the new brokerage, it could reset the self employment clock because your duties would be different.
2) Did you report income from both the old and new brokerages in the same way, for example as a schedule C sole proprietorship or sub-chapter S corporation? This could also impact your ability to argue that the new brokerage is a continuation of the previous job.
3) It is also important to know your down payment funds and the loan program you would prefer to use. FHA loans have more restrictions for self employment.
4) The new brokerage was started in September of 2012. If the business showed little or no income for the year, this will make your qualification more difficult because it would suggest the business is not stable at this early juncture.

Obviously, to give you a more precise answer, I would need to know more specifics. I am in neighboring Alpharetta and would be happy to sit down for a one on one consultation.

Best regards,

Timothy Brown | LPO Manager
EVOLVE bank & trust
11605 Haynes Bridge Road Suite 125 | Alpharetta, GA 30009
678.468.5626 x110 | fax 678.935.1156 | cell 678.467.9959
NMLS#: 168281
tbrown@getevolved.com
0 votes Thank Flag Link Sun Nov 24, 2013
No what is looked at is the total time in the line of work. Email me at jose.garcia@flagstar.com if you would like to discuss in more detail.
0 votes Thank Flag Link Sun Nov 24, 2013
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