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Answers (8)
- Stan Bril, "Stan bril"
- Contributions:23
There are lenders out there that let you use your husbands 1 years worth of self employed income as long as it is in the same line of work as when he was W-2. Please feel free to reach out to me should you have any other questions. Good luck.
- MaryKay Shumway, "mkshumway"
- Contributions:10
Two years is the rule of thumb, but it's also going to depend on a number of other things...credit, down payments, etc. If he's making a lot more money than at his previous job with the YMCA, they might look at that very favorably.
- Devin Haub, "Devin Haub Remax"
- Contributions:29
For self employment a 2 year average is generally required--some lenders can get creative and count the amount of time he has been self employed and average what he has made so far over 2 years, but that could make it seem like he has made hardly anything in 2 years. If you are able to use your income but just need that extra shove, then averaging out his income might help y'all qualify.
- Nicholas Ribeiro, "NicholasRibeiro"
- Contributions:1807
You will most likely just have to show his current financials self employed and his previous financial from when he worked at YMCA
- Wes Black
- Contributions:509
Two year records of self employment are normally needed. My suggestion is that you begin talking with the loan officer at your personal bank. If anyone will bend the rules, it would be where you are known. cosign idea will come up so be prepared. Good luck!
- Joseph Cordova, "Joseph S. Cordova"
- Contributions:42
Underwriter's are looking for two years of self-employment income to average that income for qualification. An underwriting engine may allow for 6 months of self-employed income on the most recent tax return.
Not sure if you considered using a family member to co-sign. FHA will allow for a non-occupying co-borrowers income to be considered on the loan.
- Andrew Adams, "203K Specialist"
- Contributions:9349
To be able to use your husbands income you will need to document at least 6 month self employed income on the previous years federal tax returns. His income will not be eligible to be considered until you file your 2012 returns.
- Elaine Manfredi, "Elaine Manfredi"
- Contributions:39
Self employed individuals typically need to show a 2 year history of self employed income. Odds are your husband's income wouldn't be able to be used to qualify for a mortgage. If you work, you could try to qualify with just your income. I wish you the best!
Self Employeed for 3 months
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