I am a real estate agent with Keller Williams, and I would be more than happy to assist you and your husband with the purchase of a new home. There are MANY mortgage options available to you and your husband.
Please give me a call or an email so that we can get the ball rolling. I hope to hear from you soon!
Keller Williams Realty Group
If your husband has been self employed for 2 yrs or more then you could use his income solely to qualify. Lenders will review his 2011 and 2012 Federal tax returns and basically go off of the NET income figures - what he makes after the CPA gets a hold of things and takes all deductions. Since self employed borrowers generally take the maximum amount of deductions available to them, this will normally result in a reduced income calculation.
The credit scores probably won't be an issue with an FHA mortgage. To get a conventional mortgage you'll probably need higher scores and more money in the bank. You'd need at least a 620 middle credit score and enough money to put 5% down and cover closing costs.
Your best thing to do now is to speak to a lender, have your credit ran and provide your last 2 years' tax returns. That will allow us to do some simple income calculations and tell you where you stand now and if you'll be able to do something within the near future. The good thing is that we can also advise you before you file your 2013 tax returns. If it's going to help to not take as many deductions, then at least you have the option of doing that or not.
Feel free to reach out to me if you would like some help.
Tony Grech | Mortgage Loan Originator | NMLS #977416
PMAC Lending Services, Inc.
Toll-free (855) 642-4762 ext. 278
Mobile (313) 622-7383
Fax (248) 945-4842