Other typical lenders MUST have you FIT exactly into the criteria that will allow them to immediately sell off the mortgage the day after it closes. If you don't FIT then they can re sell it so you'll be denied.
Try http://www.GTEFCU.org and other credit unions.
Also there is the NACA mortgage, maybe that would work, just be sure to select your Realtor FIRST and have your REALTOR sign you up on NACA or she will have to pay a large referral fee. Take a look:
Hope this helps.
All the best,
I may have some portfolio products that would work for you and be a reasonable rate as opposed to private money lenders which might be your only other option. Some of these options involve using accumulated assets in lieu of income, but others do not. Let me know if you would like more info.
I also offer credit score improvement programs for free while we work on your mortgage.
If you like my answer above, consider clicking on a “Thumbs Up” or “Best Answer”
Robert L. Hanson
Gladewater National Bank
First Time Homebuyer Specialist
Direct: 240-752-7549 Cell: 301-651-7822
Rate quote or live chat with me at the link below:
let me know if I can help
So, if you are in the same field as before (when you worked as an employee) - after about a year
some lenders might consider you for a regular or their portfolio loan.
These lenders will not be the big banks, but rather credit unions or mortgage brokers.
Otherwise, 2 years employment is a very common requirement for a self employed person.
Also - as a self-employed person, your income will be calculated as the average of those 2 years - and if the 2nd year was lower, than the income will be calculated on a lower 2nd year number...
Right now, with 50% down, you'll be able to still buy with private money.
Your agent will be able to help you find a good private lender.
See if the high interest rate would be working for you - and remember that this loan is a balloon.
Hope this helps,
Beachfront Realty, Inc.
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Doing your due diligence and getting answers to these questions will help you weed out brokers and save you time.
Are you a direct lender or a broker?
Are you lending your own money or investors'?
What types of properties do you fund most?
Where are most of your loans made?
Can I use my own Title Company and escrow?
What do you typically charge (closing costs and interest)?
Can you give me an example of a deal that best represents your niche?
To what extent does an exit strategy play a part in your approval decision?
How long does it take you to prepare documents and to fund my deal?
Can you go off of a Broker Price Opinion for value?
Beware of those who say "We can do it all and everywhere" and those who can't give a straight answer these simple questions.
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Many self-employed individuals report expenses on their taxes in order to reduce their tax liability, but this can backfire when they apply for a mortgage.
"Self-employed people typically report their gross income minus expenses to generate a net income," says McDonough. "For tax purposes, it may be beneficial to have net income as low as possible, but the net income is the number used for income qualification."
Meir Aloni & Team
CRS (Certified Residential Specialist)
CDPE (Certified Distressed Property Expert)
RECS (Real Estate Cyberspace Society)
Successfully selling Broward County since 1986!
Lenders will want to see that you are Self-Employed for a minimum of 2 years and most prefer at least 3 years. The Lender will average your net income for the past 2 years from your Federal Tax returns to determine the qualifying income.
Two years. That's the rule. No exceptions.
Wells Fargo Home Mortgage | 7403 Miami Lakes Dr | Miami Lakes, FL 33014
Tel (786) 556-7956 | Cell (786) 556-7956 | Fax (855) 209-4159
16850 Collins Ave # 105
Sunny Isles, Fl 33160
NMLS # 6395
Financing Kentucky One Home at a Time
I know a lender that I have closed several loans with this year with buyers being self employed for less than one year. Please give me a call or email so we can discuss this a little further and I can set you up with my guy.
Keller Williams Realty