Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Home Buying in 66103 : Real Estate Advice

  • All3
  • Local Info0
  • Home Buying1
  • Home Selling0
  • Market Conditions0

Activity 1
Mon May 15, 2017
Kathy Burgreen answered:
Based on your reply below, the issue is you are self employed now. You need to understand that if you were employed with a company and receive a W2 (regular salary), lenders can easily verify your income and only need 1 month of paystubs or a letter from the employer.

Workers who are self employed, independent contractors, commission paid or receive a 1099, lenders cannot verify your income easily. Lenders need a 2 year work history + 2 years tax returns so they can average out your income and arrive at an estimated annual income.

Since you are self employed, you will need to wait the 2 years. No lender will give you a loan even with a co signer. You will also need cash to pay for closing costs. Income from foreign countries can count but in your situation, it makes no difference because of your self employment now.
... more
0 votes 2 answers Share Flag
Search Advice
Search

Followers

61