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Borrowers self employed, don't have enough to qualify, can they use W2 income also?

Profile picture for rubicon2
I've got a California couple who own their own  business. Due to tax deductions, they do not show enough income in 2 year average to qualify for FHA high balance purchase loan (5-8% down). The 2011 income is much higher than 2010. The tax returns also show signficant W2 income - certain companies do not allow contracted work and insist on W2 work for the needed assignment. And the w2 work ended last July, so I can't use it as continuing. Does anyone out there think they could make this work, say by just using 2011 (one year) 1099 income, or by somehow being able to count the w2 income as 1099 since it was derived through the self employment?
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January 18 - San Francisco
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Answers (3)

Profile picture for 203K Specialist
@ Rudi,

Do you offer a no doc or stated income loan program with less than 10% down?

This is a simple "Yes or No" question.
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January 23
Profile picture for LUXURY HOME LOANS CA
Mary Stern- On my website in "No-Doc & Stated Income" you may have a better understanding about how you may qualify for a mortgage loan. ... Happy reading- Rudi
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January 23
Profile picture for SacRELender
If you could establish a history of working for various companies that all are effectively the same self-employment you might be able to use a two year average.  You really need the 2011 1040s done, and then a lender could look at the total package.
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January 20
 

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