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Mellowdee
Joined: 16 Dec 2008
Posts: 4
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| Posted: Tue Dec 16, 2008 8:13 am Post subject: Mortgage for Self-Employed |
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Here is my situation:
I am self-employed individual looking to buy a home for the first time. I live in the Chicagoland area.
My current job has been my sole source of income since graduating college about 3 years ago. I will be able to show tax returns from the past 2 years. I'm not sure about my FICO score, but when my credit is run from the 3 agencies it ranges from 640-670. (I have perfect credit for the past 2.5+ years but I made some dumb mistakes as a broke college student)
The problem that I am worried about is that my actual net income is somewhat higher than what is listed on the tax returns. This is due to deductions that self-employed individuals are allowed to take. In '07 I was on taxed on around 100k and in '08 I will be taxed on around 180-200k. I have a current net worth of around $300k with most of it in liquid investments.
I will be looking to buy a place in June/July of this year. I am looking at places in the 500k-600k range. I will be able to put down around 120-150k on the house, so the loan should be lower than $450k.
Anyway, with my situation is it possible to get a loan for around 400-450k? I currently pay around $3k for rent, which is a broad range of what my mortgage payment would be.
Anyway, I've read that in todays climate it is difficult for self-employed individuals to get a home loan, so I wanted to see if anyone had advice/recommendations.
Thanks! |
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EricJ
Joined: 09 Jan 2009
Posts: 321
Location: New Jersey
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| Posted: Fri Jan 09, 2009 7:02 pm Post subject: |
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| I think your scenario is pretty good as long as you can boost your credit scores. I know you posted this a while ago but if you still need help then just respond back with what you have done to improve your scores. |
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Jenie0109
Joined: 27 Jan 2009
Posts: 307
Location: chicago IL
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| Posted: Thu Mar 26, 2009 11:08 am Post subject: |
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| wish you the best of luck! good luck on your scores. |
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Allen_B
Joined: 01 Apr 2009
Posts: 16
Location: California
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| Posted: Thu Apr 09, 2009 8:54 am Post subject: |
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Getting a self-employed mortgages loan are really hard to get..But with a hard work, solid loan application and a good lender, it can be achieved.
I say you contact a loan officer to begin a loan application process, organize your records and present good housing payment history. Prove your income and process everything that is needed. Keep in touch with the loan officer and do follow ups..
It is much easier to say than to do it.. But with all the push, you can do it.. Good luck.. |
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