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Profile picture for austinmacrey

Need a lender for self employed

Purchase price is $227,400. Recently Self Employed and will have 1st year self employed returns in January 2014 and the house will be completed by January 25th. Net income on return will be $70,000. FICOs are 620, 629, and 639.  Want to put down 20% and would like to roll closing costs back into the loan. Anyone out there have a possible offer or solution???
  • December 16 2013 - Houston
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Answers (8)

Profile picture for austinmacrey
Thanks for the advice everybody but I was able to get a mortgage through a local credit union. 30 year fixed @ 6% with 20% down. Monthly principal and interest will be $1,088 a month and I don't have to escrow. I'm beyond excited. We close January 30th :)
  • December 21 2013
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nnnn
  • December 21 2013
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Profile picture for austinmacrey
Failed to mention that I have a contract with the company I'm contracted through that is in full force and effect until Dec. 31st 2018. The contract guarantees me at least $85,000 a year.  Does that change things up?
  • December 17 2013
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Unfortunately, you are going to need two years of self employed returns before you are able to get long term financing. You might go to your local bank and inquire about an "in house" mortgage. Sometimes a local bank will be able to make mortgage loans for their business customers.
  • December 17 2013
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Fannie and HUD guidelines state that you must be self employed for two years in order for your income to qualify.  They do this so that they can average your income over those two years.  Your best option to get a mortgage loan may be to go to a small local bank who will service the loan themselves.  They typically are not subject to fannie/HUD guidelines.
  • December 17 2013
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Profile picture for austinmacrey
I'm an independent contractor which puts me in the self employed category. I have a contract that is good until December 31st 2018 and it guarantees me at least $85k a year. I'm a industrial construction project manager. I've been in the same field and line of work since I was 18.
  • December 17 2013
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Profile picture for Owens Realty Group
What did you before becoming self employed? Lenders are normally looking for buyers to be in the same line of work or at the same job for at two years. When I went to purchase they required that I was a Realtor for two full years prior to obtaining a home loan. If you need a local lender that works well with self employed individuals let me know and I will put yo in touch with one I have worked with.
  • December 16 2013
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Profile picture for GMerino
What line of business are you in and what did you do prior to becoming self-employed?
  • December 16 2013
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