I have 4 properties in westland, mi.I want to get new home in Canton, MI. ?

Asked by RTJ, Westland, MI Mon Feb 18, 2013

I am a truck driver and my wife is a student. I would appreciate the help.
3 properties are on rent and 1 currently I live in. I have credit score of 690. How can I get financing as I work as owner operator from last one year only

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Tony Garcia, Agent, Wilmington, NC
Fri Feb 22, 2013
You will need a minimum of 1 full year of tax return as owner operator and will need a history of being in the same line of work. You will also need around 6 months in reserves for all 5 properties. Feel free to contact me at tony.garcia@everbank.com if you would like to discuss in more detail.
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Dan Tabit, Agent, Issaquah, WA
Mon Feb 18, 2013
RTJ,
The general rule is 2 years of self employment for conventional loans. Did you work as a truck driver before last year as a W2 employee? I've had some luck with previous employment in the same field if you have solid contracts going forward. It takes a lender to do some digging to find exceptions, if they exist, but it doesn't hurt to ask.
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yes before that I have wored as a truck driver for a company for 2 years and have w2 also. So, i should wait for 1 more year?, but I wanted home now because the prices are low
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