Profile picture for Kunal KrutiShah

Can I get a mortgage as a recent self-employed?

I was promoted to Partner (very small ownership) in my company earlier this year and now I can not qualify as self-employed per BOA.  Since, I do not have 2 years of tax history as self employed, they are telling me that I can't get pre-qualified/mortgage.  Does it really matter if I am one of many partners in a firm that has 30+ years of continous history? Do I really need to wait till 2014 to apply for mortgage?  Any thoughts?
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October 02 2012 - Boston
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Answers (4)

Kunal,

Self-employment is defined as having a 25% ownership in a company. From what you stated it sounds as if you do not meet that threshhold and are not considered self-employed for mortgage qualification purposes. Please post any further details if I am incorrect in my assumption from your post.


Respectfully,


Chris
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October 30 2012
shaprioamg is a good example of a lender in your area that could assist your. Contact him through his profile.
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October 03 2012
Profile picture for shapiroamg
It sounds like you may not be a 25% owner which means technically you are not self employed (to us mortgage people).

I would contact someone directly and see. I think you should be ok if there are more than several partners in your co.
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October 03 2012
If you are paid a salary reported as W2 income and do not own more than 25% of company, you should not be considered self employed. Go to Professionals tab above, and locate a loan officer in your city/state and discuss your specifics.
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October 02 2012
 
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