Victoria, Home Buyer in Imperial Beach, CA

I will like to know what's my 48 month average income to purchase a 300,000 home and if that is the gross or net income being self employed this

Asked by Victoria, Imperial Beach, CA Thu Feb 4, 2010

is very important .thank you.

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Answers

5
The short answer to this question is that it can only be answered accurately by an experienced mortgage banker or broker with your completed application in hand. Let's assume an FHA loan for the moment. Generally, for a sole proprietorship, income from your last two years 1040's minus unreimbursed business expense is the income figure used. If the business is a corporation, partnership, or "S" corporation, business tax returns for two years are required, unless all of these are true: 1. The individual 1040's shows increasing self-employment income. 2. Funds to close do not come from business accounts. 3.The mortgage is not a cash-out refinance.
Feel free to call for further clarification or guidelines for FNMA-FHLMC programs.
0 votes Thank Flag Link Fri Feb 5, 2010
Hi Victoria,

The best advice anyone can give, is for you to call your bank and make an appointment to speak with their home loan department. You might be offered better interest rates and lower fees if you are a loyal customer. Always remember to get different quotes from 2-3 lenders, it might save you hundreds of dollars, if they know they have competition for your loan. A 30 yr fixed loan is the best ...no exotic type loans just to get you into a home. Wells Fargo and CENTURY 21 Award have merged to offer Greenpath Funding. They have over 1,700 different loan types to best suit YOUR needs. My office isn't that far from you, please feel free to call or email me for more information.

Best of luck!
0 votes Thank Flag Link Fri Feb 5, 2010
Victoria,

As Christina has stated there are several factors that are used to determine what you can qualify for. Even if you made 100k a year a cleared 70k if you don't have good trade lines thats not too good.

I'd be more than happy to have our company run a full credit report and review it with you.

Nick
619-3nine2-1two22

Reading your location has me craving "El Cilantro" off saturn Blv!
Web Reference: http://www.nickruiz.com
0 votes Thank Flag Link Fri Feb 5, 2010
My name is Christina Sagehorn w/ Coldwell Banker Select, from OKC. In answer to your question, your income is not the only thing a lender would take into account for you to buy a home. Your debt to income is very important too. If you make 300,000 dollars a year and have a debt of 400,000 dollars, you are way upside down. You need to get with a lender and have him run the numbers for you. It doesn't cost you a thing, but it can answer your questions and let you know if you can even qualify and for a loan and how much you qualify for. Google Mortgage lenders in your area and pick one out. I hope this has helped you. Please stay in touch, my email is christina.sagehorn@cbokc.com. I'd love to hear how your doing.
0 votes Thank Flag Link Thu Feb 4, 2010
generally speaking a safe affordable loan is 3 times your yearly pre-tax income.
1/3 of $300k would be $100k.

I have no idea how it works with self employed. I just keep seeing that it is more complicated than if you were employed in a normal job with someone else as a boss.
0 votes Thank Flag Link Thu Feb 4, 2010
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