Definately go speak with a lender to see where you stand. They are going to look at your tax returns so if you write alot of expenses off it will hurt you. They will look at your reported income after expenses for qualifying. That is why so many self employed cannot get a loan for home owning. They did away with stated income.
You really need to speak directly to a lender about your exact circumstances.
I use Mike Dickstein at Iberia Bank. His phone number is 817-832-1389.
His rate for an FHA loan on Thurs was at 4.5% with no points.
And please tell him I gave you the number and he won't charge you an origination fee (the 1% fee that almost all mortgage brokers charge). Also, their lender fees run about $900-1200 total, most other lenders and brokers charge that just for their processor and underwriting. In fees alone, he should save you so much.
The other thing that he has done for my clients is help them if they don't fit a guideline. He will be really straight with you on what you need to do to get a loan and estimate how long it will take to be able to do it for you.
He has closed 3 of my deals in less then 21 days (contract to close) just this year, one was under 15 days.
Other big plus, he answers his phone! :-)
Contact a local lender as the purchase price, credit score & other factors like income etc.. hv to be take a look at before any body can actually give an OK.
1. Credit scores
2. 3.5 % or down payment
3. 2 years employment AND CPA who does your tax returns most likely would need to validate your self employment
4. Bank statements past 2 months
5. Debt / income ratio
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
The short answer is NO. FHA has very specific rules, and are not very flexible. You must be at the same job for a minimum of 3 years now. The exeption would be: moving to another company or job in the same field, for the same or better pay.
Please call me 786-290 5445 or e-mail me at email@example.com