I am self-employed for about 18 months. Net income is about $115k per year. Also a disabled vet. Credit scores are 640 and 660 mid.

Asked by Chanson1117, Montana Wed Feb 16, 2011

Is there any loans out there for this situation. I had a mortgage banker say I needed to wait until two years. I'm not looking for any sham deals. I'd rather wait.

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John Walin’s answer
John Walin, Agent, Libertyville, IL
Wed Feb 16, 2011
Check with your VA coordination benefits office regarding your eligibility for a VA home loan. If you had an honorable discharge plus disability they might have less restrictions for a vet and the loans are competitive and a vested benefit to you as a former active duty soldier/sailor. Your credit is bad, they would charge a risk premium, but you might be able to get a loan in the 650 range. God bless!
1 vote
Gerald Maxwe…, Agent, Huntsville, AL
Wed Feb 16, 2011
I am a Real Estate Broker & not a lender, but what your lender has told you is consistent with lenders I deal with. Your credit score should be just high enough to qualify for a VA loan, if you have your VA eligibility (if not, you can go to the VA website & apply). However, due to your self-employment, you will need to prove a minimum 2 year track record of making a profit (actually earning a living). Some self-employed people do fine, but the way they structure their tax reporting, it looks like they make no money. They do not get approved for loans. So, you will need to take a look at your taxes that you file and make sure you show a profit each year. Consult with your lender on just how much profit you need to show in order to qualify for the loan amount you are seeking.

Good luck with the planning. And remember to save, save, save. Even if you can get 100% financing...having money is always good!

Gerald Maxwell
Associate Broker, Keller Williams Realty
Huntsville, Alabama
0 votes
John Lagerqu…, Agent, Helena, MT
Wed Feb 16, 2011
It would be good to talk to a lender about a VA loan and put in an application so that you can get the whole picture of what is needed to be done. If you would like to discuss this with me I can give you some people that I work with that could help you. It sounds like there is a good possiblity that you could get a loan. I am available at 406-439-0650 and have had many years of experience.
0 votes
Andy Onushco, Agent, Helena, MT
Wed Feb 16, 2011
Hi Chanson. I'd be happy to help you sort through some options. Fee free to call me at431-7756. Thanks.Andy
0 votes
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