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Answers (12)
- Andrew Adams, "203K Specialist"
- Contributions:9349
$12.95 a year to do what google does for free!
- ProfessorBaron
- Contributions:303
Most are out of business. Try several different mortgage brokers and explain why you need to go portfolio. Usually going to be more expensive than Fan/Fred - but get the rate and quote and make the decision.
- Andrew Adams, "203K Specialist"
- Contributions:9349
Fannie does not always require 2 years.
Fannie Guideline:
"Fannie Mae generally requires lenders to obtain a two-year history of the borrower's prior earnings as a means of demonstrating the likelihood that the income will continue to be received.
We also do offer true portfolio loans on a case by case basis.
Fannie Guideline:
"Fannie Mae generally requires lenders to obtain a two-year history of the borrower's prior earnings as a means of demonstrating the likelihood that the income will continue to be received.
However, a person who has a shorter history of self-employment — 12 to 24 months — may be considered, as long as the borrower's most recent signed federal income tax returns reflect the receipt of such income as the same (or greater) level in a field that provides the same products or services as the current business or in an occupation in which he or she had similar responsibilities to those undertaken in connection with the current business. In such cases, the lender must give careful consideration to the nature of the borrower's level of experience, and the amount of debt the business has."
We also do offer true portfolio loans on a case by case basis.
- Heidi Zizza, "Heidi Zizza REALTOR"
- Contributions:724
I think Greenpark is a portfolio lender
- Celia Butler Home Loan Diva, "At Academy Mortgage"
- Contributions:359
I think with a good letter of explanation and 2 years of tax returns (2008 and 2009) if it is the same job - same business etc. that FHA will let you move forward. Remember that on tax returns they will be looking at the adjusted income - income less some of the expenses on the returns.
I look at tax returns first thing as it has become a real setback if not calculated right from the beginning.
Good Luck,
Sincerely,
Celia
I look at tax returns first thing as it has become a real setback if not calculated right from the beginning.
Good Luck,
Sincerely,
Celia
- Gary Cohen, "Gary Sells Money"
- Contributions:48
I do work with one lender that will do portfolio with no income required at 50% LTV
- Gary Cohen, "Gary Sells Money"
- Contributions:48
You need 2 years of 1099 and tax returns in this market to qualify and it will be based on net income not gross for qualifying purposes.
This is the most under served borrower in the USA today and is one of the biggest reasons house sales and refinances are not doing better.
This is the most under served borrower in the USA today and is one of the biggest reasons house sales and refinances are not doing better.
- Clay Branch, "Georgia Loans"
- Contributions:7838
Ok, maybe someone will post they can do that. If not, I believe you may qualify for an FHA loan after you get a 1099 in January and file taxes for 2010, maybe someone will comment on that too.
- Jeremyrob
- Contributions:6
same job...same contacts...same business...and I have 3 yrs of track record...different firm though...was a w2 with bonus and now straight 1099
- Clay Branch, "Georgia Loans"
- Contributions:7838
Same company, same job, or different company, different job?
- Jeremyrob
- Contributions:6
1099 earner vs. w2 for the last 10 months...have been told fannie and freddie qual. loans would require 2yrs of tax returns..thx
- Clay Branch, "Georgia Loans"
- Contributions:7838
Why do you think you need a portfolio lender? What are you trying to do?
Portfolio lenders?
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