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I'm a Business Owner, 1099, How do I get a first time home loan?

$32k in 2008
$35k in 2009
$48k in 2010
I'm paid as a 1099, I recently incorporated company in May 2010,
Business Revenue is Approx:  $90-$150k
700 credit score, about $10k ready for down payment
Home Loan $100k-$200k Single Family Residence
Thanks for any help
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January 14 2011 - Camarillo
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Answers (4)

Best Answer
Mike hit it on the head - the way your taxes are filed will have an effect on your actual income. Most business owners write off so much on their taxes and this is heavily scrutinized by underwriters now! You may have to go with a private lender if normal finaning channels don't work. Everyone is correct in, get with a loan officer to weigh your options.

Good luck!
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January 17 2011
You will need to be pre-approved first before you start hunting for your new home and find out how much of purchase price you will be able to target.

Best,
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January 14 2011
Jason, Rudi is correct - you need a loan officer who knows how to read a tax return. By that I mean a loan officer who knows how the Underwriter reads tax returns.  :)  They often times have a much different idea than you do about just how much money you really make.

The short story is that it's your taxable income after business write-offs, with any depreciation added back to the figure.  We have to see all schedules.

The incorporation may throw a curve ball as well.
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January 14 2011
I suggest you pick a mortgage professional to review your last two years federal tax returns.

Happy funding, Rudi
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January 14 2011
 
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