Posted on: 31st Aug, 2010 09:39 am
I have been in the same filed of work for 12 years, recently I left my full-time job that paid 150k per year, and started my own company.
I now bill between 40k and 50k per month, have a 760+ credit score. Have only student loans, existing mortgage and a small car payment. Yet I am finding it very hard to finance a purchase of property because of my recent self-employed status. Are there any solutions still on the market? It looks like NINA loans of disappeared. What other options are out there or am I out of luck?
Looking to purchase land in northern KY, 419,000 list price.
Thanks for your help.
I now bill between 40k and 50k per month, have a 760+ credit score. Have only student loans, existing mortgage and a small car payment. Yet I am finding it very hard to finance a purchase of property because of my recent self-employed status. Are there any solutions still on the market? It looks like NINA loans of disappeared. What other options are out there or am I out of luck?
Looking to purchase land in northern KY, 419,000 list price.
Thanks for your help.
Hi Guest,
Apart from your self employed status, you also have a mortgage and other debts which are affecting your chances of getting a mortgage to buy a new property. It is true that NINA are not offered by the lenders any more. If you have tax returns which prove your income, then you would be able to get a mortgage.
Thanks,
Jerry
Apart from your self employed status, you also have a mortgage and other debts which are affecting your chances of getting a mortgage to buy a new property. It is true that NINA are not offered by the lenders any more. If you have tax returns which prove your income, then you would be able to get a mortgage.
Thanks,
Jerry
Guest, you are up against one of the oldest rules in lending, and it's that lenders require 2 years of self employment history, backed up by documentation of income, etc. for you to obtain a new loan. That's not what you'd like to hear, I know, but it's pretty standard procedure throughout the nation. NINA went out the window a few years ago, as well it should have. There are pockets in which no-doc (Stated, for example) loans are offered, but I've never heard of KY as one of those locales.
