Jelili, Home Buyer in West Rogers Park, Ch...

Loan approval to buy a 3bedroom townhome. When one is self employed (cab driver)?

Asked by Jelili, West Rogers Park, Chicago, IL Mon Dec 3, 2012

If one is a cab driver (no pay check, self employed) can one approved foe a loan to buylike 3bedroom townhouse?

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Answers

19
We an do self-employed with only one year of work history. Most lenders require 2 years. We can do this as we work directly with Fannie Mae and Ginnie Mae and fund the loans in our name. We aren't waiting around on the big banks to approve the deal. We staff our own underwriting department and get things done quickly. You can call me at (630) 639-1081 and I can give you a preapproval the same day and help you find a quality realtor in the area.

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.

Brad Neumann
Sr. Loan Officer
Mobile Phone: (630) 639-1081
Email: bneumann@myccmortgage.com
3130 Finley Rd. Suite 510C
Downers Grove, IL 60515
0 votes Thank Flag Link Tue Oct 8, 2013
It depends on the income in your most recent two years of tax returns
0 votes Thank Flag Link Sat Oct 5, 2013
You should talk with a lender...............
0 votes Thank Flag Link Sat Oct 5, 2013
No , Unless he can prove Consistency of Employment
0 votes Thank Flag Link Thu Jul 18, 2013
Depend of your taxes 2012 and 2011 plus credit
0 votes Thank Flag Link Thu May 16, 2013
Your best to meet with a licensed mortgage loan officer who can do you a free prapproval. They will want to see the last few years tax returns with all schedules. If you would have more questions do not hesitate to contact me at the below phone/email.

Good Luck,

Nick Nelson (NMLS#384413)
1st Step Mortgage Group
815-289-0880 - Phone
nickn@1stepmortgage.com - Email
0 votes Thank Flag Link Wed Dec 5, 2012
Yes. Lenders will use your income from your income tax returns to qualify you. If you are interested in seeing how much you might qualify for, feel free to contact me.
0 votes Thank Flag Link Tue Dec 4, 2012
yes..all you have to do is show your consistent income that goes into your bank account,
0 votes Thank Flag Link Tue Dec 4, 2012
Great answer given to you by Manuel Brown and if you also need some great 3 bedroom townhome listings email me at jmichaels@remax.net
0 votes Thank Flag Link Tue Dec 4, 2012
Jelili,

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 didn’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
iMove Chicago
0 votes Thank Flag Link Tue Dec 4, 2012
My web site has some lender references. Give them a call. Being self employed is a bit more difficult, but it can be done.
0 votes Thank Flag Link Tue Dec 4, 2012
Lots of good lenders are there, and we all have done the hard work already, and can give you solid references for some of them.
One way or another you are going to have to demos trade you can and will pay a mortgage.
good luck.
0 votes Thank Flag Link Mon Dec 3, 2012
You can certainly get a loan if you are self-employed -- there are just a few more hoops to jump through! Any good lender should be able to help you out. I always recommend Neena Vlamis, president of A&N Mortgage.
0 votes Thank Flag Link Mon Dec 3, 2012
Of course. You would have to speak with your lender. They will be able to go over the details from there.
0 votes Thank Flag Link Mon Dec 3, 2012
Hello Jelili,

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:

Chad Lubben
Wells Fargo
312-274-4109

Tom Meneses
Standard Bank & Trust
708-297-1055

Larry Poteshman
Prospect Mortgage
847-273-1122

Good luck!
Jorge Vega
Newman Realty Group
P: 773-627-7608
email: jorge@newmanrealtyillinois.com
0 votes Thank Flag Link Mon Dec 3, 2012
In addition to the answers below, if your income decreased in the most recent tax year, lenders will typically use that year rather than a blended average of the last two years. I just went through this myself as I am self-employed. Let me know if I can help.
0 votes Thank Flag Link Mon Dec 3, 2012
In addition to the answers below, if your income decreased in the most recent tax year, lenders will typically use that year rather than a blended average of the last two years. I just went through this myself as I am self-employed. Let me know if I can help.
0 votes Thank Flag Link Mon Dec 3, 2012
Talk to your lender. I love the people at Guaranteed Rate. Self Employment needs several years of tax records to prove your income. Let me know if you would like contact information.
0 votes Thank Flag Link Mon Dec 3, 2012
Yes you can be approved.

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.
0 votes Thank Flag Link Mon Dec 3, 2012
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