Answers (3)
- Ray Blindauer, "SigmaWealth"
- Contributions:419
It may be possible to get approved now. I had at least two clients last year in the same situation and found a lender who understood the situation and issued approvals.
- Liberty Mortgage
- Contributions:470
No- If you have just become self employed and were not 1099 in the field before, you will need 2 years personal and 2 years corp returns if you will file an 1120s.
- Paul Mondello, "Paul Mondello"
- Contributions:2384
If you are in the same line of business that you came out of - longer term - W2's/1099 etc. you will still probably have to wait six more months (at least) to apply. If this a new line of work for you, to get the best rate, you will be waiting eighteen more months.
*TAXES - Be weary of writing off the everything but the kitchen sink when you are self employed, as this will bring your bottom line income down and hence decrease the amount of income that will be usable for qualifying for a mortgage. To date this has been cold water in the face of the stated income and low doc borrowers of yesteryear.
*TAXES - Be weary of writing off the everything but the kitchen sink when you are self employed, as this will bring your bottom line income down and hence decrease the amount of income that will be usable for qualifying for a mortgage. To date this has been cold water in the face of the stated income and low doc borrowers of yesteryear.
i just recently opened my own business(6 months ago) but i want to lower my interest rate.
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