Buying a home without 2 years of W2's (odd scenario)

Asked by bo_103083, Cleveland, OH Sun Mar 3, 2013

So here's is the situation I am in. I am looking to purchase my first home. I have a credit score of a little over 700 and I have a down payment of at least 20%. Also, I have an investment portfolio. It's not tremendous, but it's between $10-15 thousand. The home is not very expensive. It's around $100,000. However, the problem is I was self-employed for the last 6 years, but the last 2 years, my income dropped to nearly nothing. I filed a tax return in 2011 and the accountant said I didn't really have to come in considering I didn't have enough taxable income at the time. Once the income started to slide, I went back to school. So technically I wasn't really employed because I was a student.

Now I am graduated and recently I started a new job. It pays fairly well, but I haven't been here for that long. Only 3 months. I am wondering how I can go about getting a mortgage loan soon due to my circumstances. Any suggestions?

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Michael Beard, Agent, Cleveland, OH
Sun Mar 3, 2013
There maybe a way. It really depend on the lender you or your agent chooses, and how dedicated that agent and lender are too you. I can help, if you want to talk contact me directly Mr.Michael A. Beard 216-673-9617. Century21 HomeStar 440-449-9100
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Matt Helpling, Agent, Centerville, OH
Sun Mar 3, 2013
I maybe able to help you with this. I would need to gather some more information and talk to a couple lenders I work with. My firm works with the leading lenders in the market today. Feel free to contact me.
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Cecilia Sher…, Agent, Rocky River, OH
Sun Mar 3, 2013
We may be able to help and would need to ask a few more questions. Please feel free to contact us anytime to go over your situation. We work with the best lenders, so if there's a way, we will likely be able to help you get it done. We look forward to hopefully helping you with this.

Cecilia Sherrard & Andrew Ginter
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