Home Buying in 20005>Question Details

Akurtom, Home Buyer in Washington, DC

I have been self employed for 1 year and 9 months. Do I qualify for a con/FHA 30 year loan?

Asked by Akurtom, Washington, DC Mon Oct 22, 2012

I am currently self employed. I have been in the same industry for work for 9 years. I was with the same firm for 7.5 years before going out on my own. I have extremely strong credit with strong down payment fund. Some banks are telling me tht I need a min. of 2 years of self employment and some banks sent me pre-approval letters. I don't know what to do about who to trust since I don't want to be left in a situation where I am under contract and my financing falls through. What information do I need?

Help the community by answering this question:


In order to get approved for a mortgage, Lenders will consider your credit history, employment history and income to debt ratio. You should be, at least the year before you apply for any mortgage, in a satisfactory payment situation.

Best of Luck,

Maria Cipollone
Century 21 Tenace

1 vote Thank Flag Link Mon Oct 22, 2012
If I were you, I'd take copies of my tax returns and a Y-T-D income statement from whomever 1099s you, and go see a loan officer of a bank or reputable mortgage agency to see what they can qualify you for. If you need further assistance, contact me on 202-895-7262. Best of luck to you.
0 votes Thank Flag Link Tue Oct 23, 2012
Good luck to you Akurtom.
Web Reference: http://www.GetDCSold.com
0 votes Thank Flag Link Mon Oct 22, 2012
The honest and short answer is "maybe" Less than one the answer is no. Between one and two years the answer is maybe. The points you make on credit and down payment are HUGE in your favor. No one except an UW can give you a concrete answer. Even then until they have credit, income, assets in front of them will the answer be firm though. There are different rules FHA versus conventional also. One thing also. If the income has risen dramatically that's bad. I mean if you made 50k one year and 100k the next it's tough to average them together. Which is what they will do minus any expenses so try and keep the write offs to a minimum. Hope this was helpful and let me know if you need more information. I agree staying away from the big banks and would add the internet lenders as well.

Brent Mendelson
Senior Loan Officer
1ST Mariner Mortgage
Lending in all 50 states
0 votes Thank Flag Link Mon Oct 22, 2012
Have you been seeking pre-approval from local lenders? You need a realtor you can trust and referral to a local lender that a trusted Realtor has worked with for a long time. I believe with you being in the same industry that should help. I would suggest not going through the big banks either. Let me know if I can help. I can refer you to a couple of trustworthy local lenders. I wouldn't keep seeking out pre-approvals from lenders any further.
0 votes Thank Flag Link Mon Oct 22, 2012
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