Profile picture for The Mount

Want to rent my home and buy a bigger one,Im selfemployed what type of loan do I need

  • January 09 2012 - Pittsburgh
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Answers (4)

Profile picture for BlairCohen

As a self employed person you may need two years tax returns for verification of your business income.  Rental income is now treated much like your income from self employment. The rental income that you will receive from your current house may not be counted unless you have a documented two year history of it.  This is a change from the way most lenders had qualified rental income in the past when having a signed lease was sufficient.  Definitely do contact a lender to discuss your options and be pre-approved.

  • January 10 2012
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Profile picture for Lori200
Feel free to call Mike Quinn, Howard Hanna Financial 412-670-2467, he's the expert on financing and what would be available to you.  A lot depends on time in the business and the rental income.  If I can help, would love to be of assistance.  The rates are great and the financing right now is fairly liberal.  My understanding, the finance rules may be changing this year.

Take care,
  • January 10 2012
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Profile picture for Sharon Lewis
Talk to a lender, they need to get the big picture of your finances. How much you owe on this house etc. How much in rent, are you able to carry both homes etc. Best of luck to you.


@Realstar, I am sure you are unaware of this, as it looks like you have only one response on Zillow
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  • January 10 2012
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Hi, depending on your income and assuming you have a fair credit you could either apply for an FHA loan or a conventional loan. For either one you would need to have the last two years of tax returns and based on that your income will be calculated and that against any debts that you could have on your credit will determine how much house you can afford. If you need further assistance you can email me @ athornton.realty@gmail com or call 678-506-0962.

  • January 09 2012
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