Home Buying in Mill Basin>Question Details

Georges Blain, Home Buyer in Brooklyn, NY

I want to buy a House at the beginning of next year but I'm self employed and my wife work as a teacher and makes $37000. How can I go about buying?

Asked by Georges Blain, Brooklyn, NY Sat Oct 27, 2012

Because of depreciation, I had to claim a lost for last 2011, even though my business had a serious income. This year my business income is stronger and will claim profit.

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Javier Meneses’ answer
Hello Georges. The first thing you should do is meet face-to-face with a Loan Officer. This is the only way you can be assured of what you and your wife qualify for. I or any other Loan Officer, would need to take a good look at you & your wife's 2011 & 2012 tax returns, recent pay stubs, recent bank statements, your credit reports, etc.

Allowing a Loan Officer to examine these documents will let him/her inform you on what steps you guys have to take in order to qualify, or if you do qualify, they can tell you what and how much you qualify for. There are so many determining factors in addition to income. Meet with a Loan Officer so that you address all your questions, and have everything in place so that you can take the next step, searching for the right property.

I'm always available if you have any questions. Good luck!

Javier Meneses
NMLS #23130
Senior Loan Officer
Sterling National Bank
1 vote Thank Flag Link Sat Oct 27, 2012
As the year did not end yet, we don't have the 2012 tax. My credit score is 700 and believe that my wife's is 660. She has been working as a teacher for the past 5 years with steady income.
Flag Sat Oct 27, 2012
Hi Georges,

I purchased a three family in Bushwick about a year ago and the bank included a portion of the rental income when calculating how much mortgage I qualified for. So if you're looking for a multifamily make sure you mention the rental income to the loan officer you choose to move forward with.

Best of luck!
0 votes Thank Flag Link Thu Jun 26, 2014
I would say you need to show income for the next 2 years to make it work. You will need at least 75k combined and very little debt to buy in Brooklyn. We go by a 2 year average of your self employment income
0 votes Thank Flag Link Thu May 22, 2014
Good Morning George, you guys need to speak to someone who can check into what amount you may be pre-approved for. If you haven't already done so, if you would like you can contact me and I will put you in touch with one of our colleagues who can do it for you.

Tatiana Davis
Davis & Associates Realty
0 votes Thank Flag Link Wed Nov 7, 2012
George on self-employed applicants we go by the last 2 years tax returns (business and personal). Depreciation is always added back in since that is no out of pocket money.
Why is your wife making only 37K. Pay scale for teachers are higher. Are you looking at her gross or net? Either way meet with a loan originator and show them your tax returns, last month's paystubs and bank account statements. They will run a credit report and work out with you what you qualify for.
0 votes Thank Flag Link Mon Oct 29, 2012
Dear Georges Blain:

Your question is too complex for this forum. You need to speak to several mortgage bankers and have them review your income statements, tax returns, bank statements and credit report. Only then will you truly know what you can or cannot do.

Once you find out how much of a loan you can get, then you can go looking at properties that fit within your budget. If I can be of further assistance, please let me know. Good luck!

Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Mon Oct 29, 2012
We would have to speak with a loan officer and see awhat we can buy.
Please give me a call.
thank you.

Fajardo Delacruz
Licensed Real Estate Agent
Century Homes Realty Group llc
Direct Line: 347-932-0609
0 votes Thank Flag Link Sat Oct 27, 2012
Hi Georges
Believe it or not the beginning of next year will be here shortly, and keep in mind that all closings take
60 to 90 days, so hence we are in the beginning of next year. First step sit down with a mortgage
banker, self-employed does count its a little more complicated but its income. After you know
exactly what you can afford then you should start looking, not before as you will only be wasting
your time if you cannot get a mortgage. good luck and when you are ready I will be more than
happy to help you find that dream home.
0 votes Thank Flag Link Sat Oct 27, 2012
I think i could help you on this.
Please feel free to give me a call.
Michael A.
1st premier realty
8614-3rd ave.
0 votes Thank Flag Link Sat Oct 27, 2012
You can begin by visiting with any licensed loan officer and see what options you may have; be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.
0 votes Thank Flag Link Sat Oct 27, 2012
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