Posted on: 22nd Apr, 2010 10:06 am
I am self-employed ... actually, a minister. I get a regular paycheck, work for a non-profit, but due to the IRS rules, I am qualified as self-employed ... under the new mortgage rules, the number they are looking for is adjusted gross ... that is half my income ... housing, auxially income is not included - there is no way to qualify for a mortgage ... any suggestions ...
Depending on your location, there are a few lenders that still offer Stated Income Loans for Self Employed individuals like yourself. The program is underwritten on a make sense basis and if you write down a large portion of your income for tax purposes that is perfectly fine.
Stated Income - Verified Asset loans will require you to have a good amount of liquid assets. Typically lenders would like to see at least 6-8 months worth of reserves in the bank (6-8 month of total housing payment).
I hope this helps...
Stated Income - Verified Asset loans will require you to have a good amount of liquid assets. Typically lenders would like to see at least 6-8 months worth of reserves in the bank (6-8 month of total housing payment).
I hope this helps...
You work for a nonprofit. You do not own the nonprofit. How can you be self employed? Who told you you were treated under mortgage rules as self employed? Are you paid by W2 or 1099 or something else??
Do you file a Scedule C with your tax returns?? You can not be filing as a partnership or a corporation because you do not own the nonprofit.
Just trying to determine why you are self employed, or, treated as self employed.
Are you paid as an independent consultant to the nonprofit?
Do you file a Scedule C with your tax returns?? You can not be filing as a partnership or a corporation because you do not own the nonprofit.
Just trying to determine why you are self employed, or, treated as self employed.
Are you paid as an independent consultant to the nonprofit?
