We can do: FHA, Conventional, USDA, VA, HARP, Interest Only, Home Equity, Fixed, and Variable. Find out which product is right for you by calling Brad at (630) 639-1081.
Sr. Loan Officer
Mobile Phone: (630) 639-1081
3130 Finley Rd. Suite 510C
Downers Grove, IL 60515
Nick Nelson (NMLS#384413)
1st Step Mortgage Group
815-289-0880 - Phone
firstname.lastname@example.org - Email
Believe it or not this year I ran into the same situation with a cab driver here in Chicago. Where the cab driver did report all the income that was required by the cab company, the cab driver did not report the sizeable tips which accounted for about 50% of his income. The rest of income didnâ€™t even go through a checking account. He simply paid for everything in cash. While he had more disposable unreported income that he was spending, he was not building his credit worthiness to be able to buy or for that matter lease a home comparable to his income.
My recommendation for all service related jobs where tips are a sizable portion of the income. Determine your financial goals and how much of the income you have to report in order to buy the type of home you want, or, lease, buy a car, and be able to obtain a good line a credit at a reasonable interest rate.
Having had worked in the service industry for 10 years I am well aware of how the money upfront looks good. Just remember report a good portion of your income and the long run you will be able to do more.
Jelili, I know this has been a long winded answer. Emphatically, yes, you can purchase a town home. I work with an amazing team of people with guaranteed Rate call Mary Kay Laurent at 773-516-6859. She will absolutely at no cost to you how you can obtain your goal. Mary will even work with you over a very long period of time making sure you reach you goal.
Best of Luck,
Manuel Brown, Broker
That will depend on how you report your income. Try getting pre approved with three lenders, preferably one major bank and two community banks. This way you can get a clear picture of what loan amount you will qualify for. Once you know all this we can begin to search for your home.
Here are some of the lenders I suggest:
Standard Bank & Trust
Newman Realty Group
Your lender will verify your reported income (last 2 tax returns + YTD P&L statement), credit scores, assets and amount of down payment.
If the numbers make sense then you can qualify for a loan.
If your self employment income reported on your taxes after expenses have been deducted is not sufficient, then you may have some issues with obtaining financing.
Feel free to contact me should you have any questions.