The Home Equity Conversion Mortgage can provide the financial independence many seniors are looking for; Alternative to Nursing Homes or Assisted Living facilities; Minimize the risk of outliving their assets to reducing estate taxes for wealthier clients through insurance related strategies or planned giving.
Lastly, I help seniors with their retirement needs, and, in particular, my specialty is helping seniors evaluate their real estate assets as one part of their total retirement needs. For those seniors with under-funded retirement plans or clients with planning needs in areas such as purchasing a home, credit qualifying to purchase a home, or downsizing to purchase a home. Call me at 404-309-6516 or email me at firstname.lastname@example.org, Jean Andersen Reverse Mortgage Specialist #455333
apply online: mdangelo.brandmortgage.com
50 Chastain Center Blvd. | Kennesaw, GA 30144
NMLS# 75615 | 658834
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.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
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) | HomePathÂ® | HomePathÂ® Renovation | HomeStyleÂ® Renovation | VA | USDA | GA Dream | Jumbo Financing.
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.
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.
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