Financing in 20774>Question Details

Adj, Home Buyer in Washington, DC

Is there a lender who specializes in self-employed FHA loans. I need to be clear on how income is calculated.

Asked by Adj, Washington, DC Sat Aug 3, 2013

One lender used the average of two years income from taxes and another used the most recent income reported on current taxes. I'm confused can anyone explain what is standard for FHA and if there are any lenders in Maryland that can help.

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Both answers you got can be correct. Usually an average of two years is used to calculate income, unless Fannie Maes desktop underwriter only asks for one year and the lender you are working with follows DU findings. I am in northern VA and work for a lender that underwrites off DU findings. feel free to call or email if you would like to discuss in more detail


Tony Garcia
Sr. Mortgage Banker
PrimeLending
O-571-442-5197
C-571-246-4373
F-866-424-1673
E-tony.garcia@primelending.com
20110 Ashbrook Place #100
Ashburn VA 20147
0 votes Thank Flag Link Sat Aug 3, 2013
Good Evening,
Since I too am self employed I realize how hard it can be for us to obtain a mortgage. There is a bank that specializes in allowing buyers like yourself to use 6months bank statements, and your deposits to calculate your income. This program does have score requirements. The bank is Susquehanna. I hope this helps. If you still need an agent to assist with the home search side, don't hesitate to contact me. I'm honored to assist. Good luck!
Regards,
Ariana Loucas
RE/MAX
0 votes Thank Flag Link Sat Aug 3, 2013
Go sit down with two or three of your local banks and they will be able to help go over everything.
0 votes Thank Flag Link Sat Aug 3, 2013
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