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08620 : Real Estate Advice

  • All6
  • Local Info2
  • Home Buying1
  • Home Selling0
  • Market Conditions0

Activity 3
Fri Jul 7, 2017
Hello! All government sponsored entities (GSEs) including Fannie, Freddie, VA, and FHA allow for one year of tax returns if you have been in the same line of work. It does not matter if your previous history was as a W2 employee or if you owned a company. The main thing is that we can establish it's in the same industry. I've closed loans in each scenario within the last month.

People making a blanket statement that two years of tax returns are required either work for an institution that has more stringent guidelines or they are mistaken. No offense to my peers!

This does not directly relate to the question but it is relevant to the self-employed income discussion. Both Fannie Mae and Freddie Mac allow for borrowers to only provide one year of tax returns if the borrower can provide proof they have been in business for 5 years. We can use a business license, something from the secretary of state, etc. This should allow for more self employed borrowers to qualify. Keep in mind, taxable income is different from the qualifying income the bank will use. Deductions like depreciation, business use of home, and mileage are added back boosting your income. Expenses like meals and entertainment and notes due within one year will lower your qualifying income. Proper planning is essential as a self employed borrower. You did not start you own business without knowing a little about planning so don't stop when it comes to purchasing a home!

Bernard Guste, MBA
Gulf Coast Bank and Trust
New Orleans, LA
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Tue Mar 8, 2016
Nicky Faucett answered:
The lowest down payment would be usda. It's not just for first time homebuyers, but it is area specific. That is a 0% down program. Then fha at 3.5% ... Smart Start is a loan program that can assist with closing costs/downpayment, but interest rates can be higher. Get a good lender, if you don't already have one. ... more
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Thu May 3, 2012
Shalu Thaman answered:
Hi Gina,

For individual schools in each district , a valuable resource is

As a parent & a realtor , the most helpful advice I can provide is to look at aspects of the school that would apply to your child's needs.

Resale value of homes is usually tied to successful school districts, but as a buyer one should also balance the factors of highest SAT scores & property taxes, if your child is entering elementary school.


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