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Profile picture for guida2294

What can I do to get more (or better) quotes for my loan request ZR-QVHYRZB

I reside in Colorado and have for the last 5 years, planning to move back to Michigan very soon. I am self employed, yet only for the last 3 months, and proving my income will be close to impossible. I do have a co-signer who is in Michigan and owns a well established business. I qualify for many of the first time buyer, low income, Zero down, rural area, Fannie Mae, HUD, gov. grants and loans. What are my options?
  • August 05 2011 - Warren
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Answers (4)

Profile picture for sunnyview
Making your own W-2s sounds like you are recommending dancing with fraud in the pale moonlight. I would be careful.
  • August 07 2011
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Profile picture for themortgageauditors
guida. there is another option. You can contact an accountant. set yourself up as a corporation and start paying yourself with check stubs and w2's. Then, you can use your income right away.  If you pay yourself with 1099's... You can't.
  • August 07 2011
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My suggestion is to simply postpone buying a home until you have established sufficient self-employment income (2 years.)
If you are confident about your self-employment activities for the future, and if you want to secure a property at today's depressed values I suggest you look for a lease with option to buy.
Rent now and exercise your option to buy when you can qualify for a mortgage loan (24 - 3 = 21 months.)
Find a local Realtor who understands lease transactions with option to buy and who is willing to work with you.  Good luck.



  
  • August 07 2011
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Hi there,

Lenders will not be able to use any of your income. If your co-signer is a close relative, you may be able to use FHA. It will also depend on your credit and scores. You need to call a loan officer and lay out your exact circumstance. this is less about the best rate in town, and more about finding someone with the experience to get the deal done. 
  • August 05 2011
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