As per my reply to your message, your qualifications will solely rely on the property taxes if we were to go Conventional or FHA.
Being that you're self-employed you may qualify for a Stated-Income / No-Doc loan which wouldn't require your to submit tax returns; essentially there is NO income verification. A rather nice alternative option.
Please call me when you have a moment so we can best determine the most efficient way to obtain your mortgage.
Paul F. Marzolla
Senior Mortgage Consultant
Licensed by the New Jersey Department of Banking & Insurance
Member of The National Association of Mortgage Brokers (NAMB)
From what information you have provided, I'm sure that I can help you with financing. We would really have to have a discussion around this for me to be certain, because there is a lot to be considered when a mortgage banker is working with a self employed borrower. There are additional questions that need to be answered, such as: have you been self employed for two years, same line of work, do you file as an S Corp, C Corp or sole proprietorship, do you have any major deductions on 1120S (business tax returns - if applicable), where are the assets for the down payment coming from, is this a primary residence you are looking to purchase, and on and on (don't worry about answering them here, just email or call me). I say aall of theat so you and others can see that it is certainly not as simple as providing income over the last two years, a credit score and some debt. You told us the right stuff, but to provide you with a valid answer, we would need to dig much deeper.
I would be happy to talk further about your mortgage needs. I work at the Chase branch at Madison and 72nd, but could easily meet you in a branch in Jersey City if it is easier. Lets have a preliminary conversation about this and you can decide if you want to utilize my services after our talk.
Call me at 646-522-6340 or shoot me an email to firstname.lastname@example.org.
Let me know if I can assist you and I can recommend a mortgage professional to help you.