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Can I get a home loan even though I have only been self-employed for 1 year?

I am self-employed as a contractor. I have only been working as a contractor for 1 year now and heard that no bank would lend me money unless I had been self-employed for at least 2 years. Is this true?
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October 23 2011 - Vancouver
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Answers (4)

Hard money loans with a large down or find an investor of your own.

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November 09 2011
Sometimes it makes a difference if your business is in the same field you'd been working prior to becoming self employed. The banks want to see consistency and proven track record. If you are unable to get a loan and must delay another year, but want to cash in on the low prices right now, an 18 month lease-option may be a compromise. This would lock in the purchase price and even put some of your monthly lease toward down payment.
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October 24 2011

Yes you can always get a home loan, but the rate and details may not be what you like in comparision to what you would receive without a long history as self employed.  It will also have to do with documentation you supply, number of contract, type of work, and you background.  The best way to find out is the speak with a lender, if you need one let me know.

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October 24 2011
For the most part, the answer is going to be yes.  You may have some luck with community Credit Unions or some of the smaller banks.  If you have enough off-setting circumstances, Great credit history, large down payment, and you're not trying to buy at the very top of your price range, you may find a Credit Union or small bank to "Portfolio" a loan for you.

When a bank or CU portfolio's a loan for you, it means they will keep the loan in house and service that loan for you.  Normally they would take the loan and then sell it to one of the biggies, Wells Fargo, Chase, Bank of America, etc.  But as you have such a short time on the job, you don't fit the standard underwriting guidelines to sell your loan so they would keep it in house, or portfolio it.

I know Washington Federal has been known to portfolio loans in these scenarios.

Good luck!
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October 23 2011
 
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