Question Details

Roger, Home Seller in Toano, VA

A complex financing issue, self employed when getting a loan

Asked by Roger, Toano, VA Mon Mar 31, 2008

Am selling a house now that will NET us between $137,000 worst case to $155,000 after the deal. Once it is sold here in (Virginia) I will take that money and purchase another home for $175,000 total in another state(Texas). We will be somewhere between 20-40K short in funds.
The problem - I now have a job and also a business (A legal entity LLC - all properly formed 5 yrs ago) on the side. As soon as the house sells and funds clear I will quit my ending regular job but continue with side job as it is electronic based. I will resume a regular job after a couple of months in the other state. The side job NETS $600-$1000 a week for the last verifiable 5 years, $2400-$4000 a month. Assets before buying new house- $135K, 2 vehicles blue booked at 16-20K modestly and about 5K cash. I will really only be self employed to the bank.
How do I get them to loan me money? I will have $130K skin in the game. I own the LLC but I am buying the house as me not the LLC. What type of loan do I get?

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Credit Score 738 for me 800+ for wife just FYI. Thanks for the answer.
There has got to be some financing gurus here!
0 votes Thank Flag Link Mon Mar 31, 2008
Hi Roger,

The best thing that you can do is to contact 2-3 local lenders in the area in which you are interested in purchasing a home. Tell them exactly what your situation is. Go through your financial profile with them and ask them what your best course of action to proceed ahead will be.

Be sure to get written good faith estimates from any lenders you talk to, so you know all costs associated with your purchase. You probably don't want all of them to pull your credit, as it affects your credit score.

Best wishes,

Sandy Shores, Realtor
M & M Real Estate, Inc
Residential, Investment & Relocations
Brevard County
Florida's Space Coast
0 votes Thank Flag Link Mon Mar 31, 2008
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