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Less than 2 years employment history need help.

My Girlfriend an I are trying to buy a bank owned foreclosure listing price 134K.
We are having trouble finding the right mortgage broker because 1. I am self employed with only one year of tax returns from my const. company I also own a snow plowing company. I made 30K last year and work two jobs. 2. My girlfriend has only one year of w2s from her current employer because she was going to school and training to be a professional dog groomer and vet tech. She currently has a 2 employment contract with the Animal Hospital where she has a salary of 22K and brings in another 150-200 dollars a week in dog grooming commission. She also works a few nights a week as a waitress at a sports bar where she gets hourly and tips. We are ready to put down 5-10% if needed. Can you help or give advice?
  • April 15 2012 - McHenry
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Answers (1)

All self-employed loan applicants need a minimum of a 2-year documented history of stable, self-employment income, or commissioned and/or tip income (if receiving that type of income), in order to possibly be able to qualify for any type of traditional mortgage loan, regardless of the amount of your down payment or credit score.  If your girlfriend's base salary (excluding commissions) is insufficient for her to qualify for a mortgage loan on her own, and you do not have two years' worth of tax returns that show a qualifying average of self-employment income, unfortunately you will have to wait until you do.

Focus on building and improving your businesses, credit ratings and personal savings to apply towards your down payment and closing costs over the next year, while waiting and working for yourself for the minimum period of time for any lender to consider all of your income sources.  There's no substitute for proper planning!
  • April 24 2012
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