Susan, Home Buyer in Denair, CA

My husband and I want to purchase a home. We are renting now and we just started a business in November and

Asked by Susan, Denair, CA Wed Jun 3, 2009

I have only been working at my job since March, however we both have good credit in the 750's. Would a mortgage complany be willing to give us a loan?

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adam Dalton, Agent, Turlock, CA
Wed Jun 3, 2009
Hi Susan,

I would definitely talk to a good local lender about this. Work history, credit score, bank amounts, debts, and incomes are all pieces of the overall snapshot of your financial abilities. When my wife and I bought in Denair last year, we qualified on her income only as 2007 was a better year for her financially. Our Century 21 in-house lender sits a few doors down from me and is currently working on getting a few of my clients good, quality loans. Let me know if you'd like his information. He's always open to chat, and you'll at least get a good idea of where you stand and how you can improve your credit image in the eyes of the bank.

Best of luck,
Adam Dalton, Realtor
Century 21 M&M and associates - Turlock
adalton@c21mm.com
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Bob McClure, Other Pro, Walled Lake, MI
Wed Jun 3, 2009
good afternoon susan....if husband's income is mostly or all from the new business, look at just your income as a starting point to finance your home..also, it is important to know what you did (or didn't do) prior to staring this job in march...as far as employment goes.....there is a chance that your current ytd earnings and employment could be used to qualify you......i hope that helps.bob mcclure- success mortgage partners- plymouth, michigan.......
0 votes
Franklin Far…, , West Los Angeles, Los Angeles, CA
Wed Jun 3, 2009
Greetings! The way lenders are these days it may be very, very difficult if not impossible. In the past one needed to have 2 years of self employment tax returns to even apply for a loan. A partner who has a salary job will help make loan ratios more palatable to a lender. Lenders are wanting to know how is the loan going to be repaid. Also, on the self employment tax return the lender is looking at the net income = gross less expenses. Most of the time self employed people want to have the bottom line as low as possible to pay as little tax as possible. Best advice is to speak to a loan broker. But be carefull as sometimes they just want to make a loan no matter what the interest rates. Good luck,.
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