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2 years tax returns, 1 year self employeed

I've been in the same field for 10 years.
Fico 770
2012 63k (w2)
2013 39k (w2) 44k(K1 biz income)

House 348k, 5% down.

The problem I've run into is that it seems banks can only count my w2 income towards the mortgage, because the self employment income is less than 2 years (per the new rules that took effect jan 10).

If you can count my complete income for 2013 towards my DTI, please let me know.
  • June 06 2014 - Nashville
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Answers (2)

Pm me, I'll get you some lenders that will work with you. Sharon
 
  • June 07 2014
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Be ready to show a current P&L, and bank deposits to back it up.  Don't get discouraged, it is totally doable.  Gladly pass on some names in TN if  your local folks give you a hard time.  Best of luck. 
  • June 06 2014
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