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Home Buying in 66103 : Real Estate Advice

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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.
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