Self Employed Mortgage

[6.7dually2009]

Has any body that is self employed got a mortgage lately? I have the 20% down and good credit just not in business for 2 years yet.

[KWClutch]

When I went to get a mortgage we had good credit, I had the 20% down and I didn't buy because they couldn't count my income so basically we were only eligible for what my wife could afford. It was very frustrating.

[War Machine]

Last I remember was they want the last 3 years of your tax returns

[KWClutch]

They asked me for the last 2 years.

[slow99]

They asked me for the last 2 years.

That's because they knew you had that long-term auto loan you could use to pay the mortgage down.

[dblack1]

I had to do a in house with a five year balloon/30yr term. My rate for the first five years is pretty good at 4.15, 20% down. Mine was due to many things, but I could go to a secondary market loan now that I have two years of returns.

[KWClutch]

So it is 3 years? If that's the case I might end up having to wait one more year. We want to get into a house this summer and I'm at 2 and a half years out of my company.

[2011GT]

Church hill mortgage does manual underwriting which is what you'll probably need to do.

[abecx]

I'm in the same boat, have to be solvent for 2 years or put 20% down. Typically if you have 20% down, they dont give a shit as long as you can show that you make enough money. Bank statements were enough for me to be approved with my 20%.

I should add my loan was a bank secured loan through my credit union ( they were taking the risk ), I forgot what the term is actually called, but it wasn't through the 2 main lenders.

[KWClutch]

Yeah I had the 20% and could prove my income but it didn't seem to matter. We got approved for half of what I was expecting. Which was fine because we were able to save up more money living in our apartment for the R and still have money for the DP on the house.

[Pro88LX]

I am a mortgage underwriter and Freddie Mac typically only requires 1 year taxes for self employed borrowers if you can find alender that sells to a wholesale company that is setup with Freddie Mac.

[Pro88LX]

FWIW i also manual underwrite all of our jombo and non corming products up to 3MM and they all require 2 years just like Fannie Mae

[abecx]

Yeah I had the 20% and could prove my income but it didn't seem to matter.

Same thing for me, I got lucky and my bank was more than happy to approve it since they've seen my bank statements for the last 15 years now. They said I could spend whatever I wanted as long as I put down 20%. I forgot my approval wasn't through the big lenders. FWIW, maybe your bank can approve you, it was called a portfolio loan.

[KWClutch]

It's all good. We know exactly what we want, just waiting for it to come available. We should be in good shape once the summer hits.

[BMCSean]

It's all good. We know exactly what we want, just waiting for it to come available. We should be in good shape once the summer hits.

What is your company?