Financing in Philadelphia>Question Details

Elainech, Home Buyer in Philadelphia, PA

Self-employed attorney, opened my law firm 8 months ago, 806 FICO, 2007-09 W2s as employed attorney, able to put 25% down - can I get a mortgage?

Asked by Elainech, Philadelphia, PA Sat Nov 20, 2010

I was employed as an attorney from 2006 to April 2010, avg. income 65k. In April, 2010, I opened my own law firm, and am working with an accountant to file my business tax return on 1/2/11. I anticipate that my net income for 2010 will be higher than 2006-2009. My high credit score is 806. I have negligible personal debt. I'd like to purchase a home, value 319k, settlement date 1/31/11. I have 25% down pmt closing costs 2 months of earnings (95k approx), seasoned for 2 months in a personal money mkt acct. I've heard that the general requirement is 2 yrs of self-employment tax returns - but that there may be an exception if I'm self-employed in an area where I have previous education and yrs of experience. Can I get a conventional mortgage? Thanks!

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Answers

12
Hi Eainech,

Not unless you have a co-signer on the loan with qualifying income. Conventional Fannie Mae/Freddie Macguidelines typically require 2 years self-employment documented by tax returns (even if in the same line of work).

Please feel free to contact me directly if you need more help.

Regards,
Andrew

aluett@luettmortgagegroup.com
0 votes Thank Flag Link Tue Nov 23, 2010
Hello Elainech,

I have a mortgage contact who will be able to help you. Feel free to call me at 267-688-1110.

Sincerely,

Keith Lawson
0 votes Thank Flag Link Mon Nov 22, 2010
Dear Elainech:

I wish most of my perspective buyers were as thorough as you with the details you have provided. I am an agent with Century 21 Alliance in Lafayette Hill and know that you will have no problem getting a mortgage. Like yourself, I am self-employed but I have been at it for 9 years. The facts you have given that make you eligible for a mortgage are that you have been in this related field for over four years. The banks consider this stable employment. I would put you in touch with either my in house mortgage lender or a direct lender whichever your preference. You would be able to consult with both to ascertain which company is offering the best deal for you. It is wonderful that you are considering a purchase since the interests rates are excellent at this time. You are also benefitting from a soft market. There are a number of terrific deals out there for a buyer who is willing to take the plunge and purchase. I have gotten some of my buyers some of the best purchases in terms of price. They will never loose on these purchases and since they are purchasing with a good equity postition, I can guarantee that they will never regret their purchase. When the market turns around their equity position will be very strong. You just have to remember to be patient in real estate. You see it is my thought that we are in year five of a fifteen year cycle. I can explain why I came up with this theory if you would like to consider doing business with me. I am an award winning agent for the nine years in which I have been an agent. If you think I could be of assistance in finding your dream home, I hope you will consider getting in touch with me. I look forward to speaking with you.
Sincerely,
Eileen Gray, Century 21 Alliance, 215-603-8484 or 610-260-4049, egray57@comcast.net
0 votes Thank Flag Link Sun Nov 21, 2010
Hi Elaine. Our firm is a real estate agency and a mortgage brokerage in one place. You've given much information in your question but we'd need to talk to you in person. We are a small, independent entrepreneurial company with years of experience among us. If you'd like more information please contact me. Thanks, and wishing you well.

Amy



Amy Shelanski, ABR®, REALTOR®
Licensed PA Real Estate Salesperson (RS296298)
US Spaces, Inc.
222 W, Rittenhouse Square
Philadelphia, PA 19103
215.829.8850 x 205
215.983.1414 cell
267.386.8263 fax
Web Reference: http://usloans.com/
0 votes Thank Flag Link Sun Nov 21, 2010
Yes you can but what type of loan do you need . What are your plans how much can you afford to pay with the current expenses of your firm .Just keep all these things in mind. Budget is key keep all these things in mind when planning
0 votes Thank Flag Link Sun Nov 21, 2010
I just contracted a property for an attorney client with similar circumstances.Based on the details provided, it shouldn't be an issue, but the settlement date may need to be extended. Good Hunting!
0 votes Thank Flag Link Sun Nov 21, 2010
The guidelines are very clear and is the same for both Conventional and FHA. The Guideline states must have 2 years of self employment UNLESS you have experience in the same field and the income is the same or higher with the self employed income. It also say you must have a minimum of 12 months.
Now FYI for previous post there are only two types of mortgage companies; mortgage bankers (also called mortgage lenders) and mortgage brokers. That is it because the only two ways to secure a loan for a borrower; Be the lender and underwrite and fund the loan yourself or be a broker and act as the middle man and shop for the best loan for your client from different banks who will underwrite and fund the loan.
Now a banker can also act as a broker if there is another bank offering a product they don't offer, they can broker the loan to that bank. One is not better than the other, it all depends on the individual loan officer and the service he or she offers.
If you would like to dicsuss you file and see exactly when you would be eligible for a loan please feel free to contact me at 610-906-3109

John R. Thomas
Certified Mortgage Planner
Primary Residential Mortgage
610-906-3109 PA Office
302-703-0727 DE Office
410-412-3319 MD Office
0 votes Thank Flag Link Sun Nov 21, 2010
Hi, Elainech.

That's a great question you've posed. As stated already, your best bet is to speak to loan officer that can run your scenario through automated underwriting. That's the first step. Once you understand what you can/can't afford, your next step would be to find a RE agent that will meet your needs.

The majority of my professional background was spent in the mortgage industry, so if you have any additional questions, please feel free to contact me anytime. Based on what you have stated, I don't see why you would have a problem getting a loan; but again, you'll need to speak to a loan officer first. If I do not hear from you, best of luck with your search!

Regards,
Tim

Timothy M. Garrity | Brown McKinney Real Estate, Co.
Real Estate Professional & Consultant
http://www.phillyurbanliving.com

tgarrity@brownmckinney.com Email| http://www.brownmckinney.com/tim Website
215-825-2250 x 1007 Office | 267-879-2716 Mobile | 267-519-5490 Fax
0 votes Thank Flag Link Sun Nov 21, 2010
Elaine,

The professional that can help you most is not a real estate agent, or a banker or a mortgage broker. You need a mortgage lender. A mortgage lender is someone with a small firm that works directly with a variety of investors (including banks) and has their own underwriting department. The best in the area: Eileen Marolla with Philadelphia Mortgage Advisors, 610-834-8700. Eileen has put together conventional loans for clients of mine that no one else could. If you would like her cell number, please contact me directly as it would not be appropriate posting it in this forum.

Best regards,


Michael Garden
CITYSPACE
2200 Walnut
Philadelphia 19103
215 500 2981
mg@michaelgarden.com
Web Reference: http://michaelgarden.com
0 votes Thank Flag Link Sun Nov 21, 2010
Sounds like you have it covered. Try one of the brokers below or go directly to Wells Fargo, one of the lenders still making loans. I suggest Dave Barton (610) 296-9060.
0 votes Thank Flag Link Sun Nov 21, 2010
Hi...
I think since you have been an attorney and working in the same field for 6 yrs and you can verify your income , you should qualify. I am the listing agent for The Phoenix at 1600 Arch ...it is a very large project . I am going to give you a number of a great vice president of a mortgage broker. His name is Larry Cohen at 215-546-0550. If anyone can get you a loan ..it is him. My project was undersold and when no one was able to give my clients a loan. He was able to get it done. Feel free to call me at 215-880-9274 . I would be happy to help you.
Best,
Louise Marzulli
Coldwell Banker Preferred
0 votes Thank Flag Link Sat Nov 20, 2010
Hi Elainech,

It sounds to me that you would qualify for a mortage, but if you'd be willing to speak with my financial loan officer she will be able to determine the answer quickly. Email me your pone number and/or email and I wll reach out to you tomorrow.

Best regards,
Lorri Paster
Weichert Realtors
267-240-5767
lpaster@weichert.com
0 votes Thank Flag Link Sat Nov 20, 2010
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