Profile picture for user9169295

Can i qualify for a mortgage if I am a recent owner of a pre-existing business?

I purchased a profitable business 6 months ago and now find myself in a situation of split relationship and am wanting to buy a home of my own.  My partner can refinance the home we both own to relieve me of the liability on our current mortgage but I am concerned that i will not qualify for a mortgage of my own since i am a new business owner. I was working full time until 3 weeks ago when I decided to leave my employer to operate the business full time.  I purchased a business that has been open for 14 years.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 08 2012 - US
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (2)

It would be best to contact a lending professional such as a bank loan officer, mortgage broker or other lender for specific advise regarding your situation. There may be some available options for you even if you have less than 2 years of self employment income.
We would first suggest to contact a conventional lender to seek program guidelines and apply for an approval, if a conventional loan is out of the question we would suggest visiting [Promotion and embedded hotlink removed by Zillow moderator. Please see our Good Neighbor Policy for more information.]
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 08 2012
You will need to self-employed for a minimum of 2 years.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
July 08 2012
 
Related Questions
Zillow Mortgage Education Center
  • Asked by AndreaSmolin
  • In Mortgage
  • June 07 2013
Down payment gift credit score
Gift from spouse for down payment
Profile picture for Jared Thom
Latest answer by Jared Thom
2 minutes ago | 9 answers
Lender won't fund loan due to HOA lawsuit
Profile picture for Caroline  Gerardo Barbeau
Latest answer by Caroline Gerardo Barbeau
9 minutes ago | 10 answers
5% conventional loan
Profile picture for Jared Thom
Latest answer by Jared Thom
32 minutes ago | 6 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.