Asked by Brian Schemenski, Washington Township, NJ • Thu Jan 9, 2014
For instance a good friends situation explained: 720 FICA, 50k cash to put down, 20k a year in not earned income but is counted as earned, debt ratio within limits, Home price within means of 140k. Aside from the 20k guaranteed income there is very little shown as far as income from being self employed. In actuality it is actually a hobby. Even though the company has had a substantially large amount of sales and you can see there was a large amount of deductions. Are there any mortgage companies out there that have less requirements about income or can see the amount of cash that is readily available as far as the flow is concerned in and out of the personal and business accounts ie: checking. You would think a mortgage company would be willing for someone whom has 50k to put down whilst others hardly even have the 3%.Also the future mortgage payment would be less or equal too the person's rent for the last 5 years in this situation presented. Any help would be greatly appreciated.
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