Posted on: 25th Jun, 2009 10:22 am
Went to the bank today and was told that since I have only been self employed for 1.5 years that my income could not be added at all and my cosigners income would have to carry her debt and mine. Is there any way around that or is that the way it is? Thanks in advance.
on edit: Also I have heard that if you owe less than 10 months on auto loan that the payment would not count toward your monthly debt. Is that true?
on edit: Also I have heard that if you owe less than 10 months on auto loan that the payment would not count toward your monthly debt. Is that true?
The answer to both questions is Yes. Unfortunately you have not been self employed long enough to qualify. One suggestion would be that if your business pays any of the bills that would show up on the cosigners credit you may be able to remove them also. Typically 6 months of cancelled checks. If you and the cosigner have individual checking accounts and again some of the debts in there name are paid by you that same result maybe achieved. If it a joint account between both borrowers there is no benefit. Also be sure to disclose any assets you can think of. Other factors such as assets can impact the approval if it is close based on the qualifying income.
thanks
thanks