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Asked by Andy Nguyen, Orlando, FL Wed Feb 6, 2013

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Debra (Debbi…, Agent, Livingston, NJ
Wed Feb 6, 2013
You really need to speak, in person, with a mortgage rep., and not rely on information given online by strangers!

People mean well and/or are looking for business, but..........your situation with $25,000 & $16,000 adjusted incomes (with a 1099) will be more challenging in regard to qualifying for a loan due to the lower net amounts.
You also didn't mention if you have any other personal debt.

Self-employed tax payers benefit from business write offs, but one of the downsides is that the net income is usually much lower.

So - do yourself a favor - find a mortgage rep and really get a straight answer as to where you stand. If you don;t know anyone personally, you can always stop by your local bank and see if they have someone who can get you started......or ask a local real estate agent for a recommendation.

Please don't rely on internet advice - you need advice specific to your personal situation.

Best wishes..........
1 vote
Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Wed Feb 6, 2013
Doubt you'll find many Banks offering these loan programs

4) 97% LTV- NEW- No PMI -No FHA 1.75% MIP Fee!

5) 95% LTV- NEW-No PMI!

6) 95% LTV- NEW-CONDO Loan

7) 90% LTV- NEW-No PMI -2nd Home

8) 90% LTV- New-Jumbo w/cc

9) 85% LTV- NEW- No PMI to Super Jumbo

10) 80% LTV- Rental Property

Stated Income Alt Loan programs

11) 80% LTV- to Super Jumbo

12) 80% LTV- FIX n’ FLIP Invest. Prop. – No min. credit!

13) 75% LTV-to Mega Jumbo

14) 75% LTV- Foreign Nationals-to Super Jumbo

15) 75% CLTV-after Short Sale, BK, Foreclosure to Super Jumbo

16) 70% LTV- Hard Money to Jumbo

17) Lot Loans / Land Loans Too!

Go to: http://WWW.PRO-OPTION-COM or call 888-662-4404
1 vote
Stephen McRo…, Mortgage Broker Or Lender, Tampa, FL
Wed Feb 6, 2013
Andy, what happened? I thought you had closed on a home a few months back?

You, being self employed, will need someone like me who specializes in helping Self Employed borrowers obtain loans in this Anti-Self Employed Obama/Dodd Frank Act new mortgage world we're now in!

You will likely need a STATED INCOME ALT loan program for self employed borrowers in 2013.

I'm thinking 80% LTV would be your best case.

see loan programs at: http://WWW.PRO-OPTION.COM

1 vote
, ,
Wed Feb 6, 2013
Good evening Andy,

The scenario you present for mortgage prequalifications is very complicated. Here's my advice based on 23 years as a Mortgage Banker here in New York: get yourself in front of a Local Mortgage Banker for a thorough Prequalification. Have your complete 2010, 2011 and 2012 tax returns handy (if you've prepared the 2012 returns). Have your bank statements for the last three months on hand. Have your questions ready (there's no such thing as a stupid question!).

Your Mortgage Banker will analyze your income to help you determine if you qualify for mortgage financing, for how much, and under what loan programs.

Be sure you meet with your Mortgage Banker face to face and that the Banker has at least 15 years experience in the mortgage industry. You can verify the License of a Mortgage Loan Originator (and their employment history) using the NMLS Consumer Access website.

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services

If you thought my answer was helpful, please give me a "Thumbs Up." Thanks!
0 votes
Mark LeMenag…, Agent, Lake Nona Orlando, FL
Wed Feb 6, 2013
Andy, that's a lot of nice personal info you've just posted with your name and picture for the whole world to see. Delete your question and then as several others have suggested call a mortgage professional or just go down to your bank anbd talk to them in person.
0 votes
Rosalina Esq…, Agent, Orlando, FL
Wed Feb 6, 2013
Andy: please try to first find a qualification. Advise never said How much money do you have. Lenders has pretty good deal that with just the 3.5% you can buy.

Will be a pleasure to help you and save you a few grands.

Rosalina Esquilin
Charles Rutenberg Realty
0 votes
Mike Sperling, Agent, Winter Park, FL
Wed Feb 6, 2013
The advice of the others is great advice. Seek and sit down with a loan agent. Start at your bank, or credit union. Shop around. You will pick up something different from each person then, work with the one that can give you plan they will help you with. I have several referals to experts if you would like me to send them.
0 votes
Abraham Bidh…, Agent, Orlando, FL
Wed Feb 6, 2013
Hi Andy:

If you are self employed you can of course use your income to qualify for a mortgage (Of course there are some restriction as far as the length of time that you have owned your business ...). Your credit score is well within the FHA required amount so you should be good on that.

Having said that, I have a fantastic lender who has closed several loans for us with my self employed clients. So I would be more than happy to send his info to you.

Send me an email if you would like me to get you lined up with him.

Abraham Bidhendi
Top Producer Realtor® with over 25 years of experience
Awarded as Exit's TOP Buyer side Transactions for the State of Florida
We have had 165 successful transactions during the past year alone.
Exit Realty Access, LLC
Direct: (407) 744-2533
Fax: (407) 444-9925
Kissimmee Office: 391 N. Main St., Kissimmee, FL 34741
Altamonte Springs Office: 660 Palm Springs Dr., Suite D, Altamonte
0 votes
Maggie DeGen…, Agent, Altamonte Springs, FL
Wed Feb 6, 2013
Thank you for your question Andy,

The lender will answer all your questions. If you don't have one or need help give me a call.

Good luck with the dream of home ownership...


Maggie DeGennaro
La Rosa Realty, LLC
0 votes
Kate Paris, Agent, Ocala, FL
Wed Feb 6, 2013
I agree with Debra. You need to speak with a qualified mortgage professional, in person. I can give you several referrals; just shoot me a quick email at Have a good day!

Best wishes,
Kate Paris, Realtor
Charles Rutenberg Realty
0 votes
Broker Dave, Agent, Orlando, FL
Wed Feb 6, 2013

Based on the information you just gave you should have no problems.

Let me know if you need help with your new home search, my wife and I have help many buyers research the area's around Orlando looking for that perfect home.

Hope this helps,

Dave & Party
Real Estate Broker

Buyer Rebates? Yes we do, everyone needs a little help in this economy.
0 votes
Diana M. Per…, Agent, Kissimmee, FL
Wed Feb 6, 2013
Hi Andy!

You need to speak with a mortgage representative. I work with a few that are wonderful! Let me know if you would like their information and I'll be happy to send it to you.

Warm regards,

Diana M. Perez, J.D.
Owner/Broker| Professional Real Estate Team, LLC.
Direct: (407) 729- 3560 | Fax: (407) 933- 0731
0 votes
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