Posted on: 07th Jun, 2012 01:51 am
My wife and I are trying to buy a vacation home. We’re self employed people for the last 12 years and our credit scores are around 780. Our main home will be paid off in about 5 years and we have no other debt. Everything comes out good in the initial approval in the bank, because they are using our total income. The problem is that we run 3 businesses and put most of our effort into whatever business where our work currently pays off the best. Are there any banks out there who will look at our actual total income so we can be approved?
Hi Sennor!
Welcome to forums!
It is quite difficult to qualify for loans when you're self employed. You will have to meet all the required criteria of the lender and provide him and the underwriter with all the required documents. I don't think the lender will consider your total income to give you a loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
It is quite difficult to qualify for loans when you're self employed. You will have to meet all the required criteria of the lender and provide him and the underwriter with all the required documents. I don't think the lender will consider your total income to give you a loan.
Feel free to ask if you've further queries.
Sussane
Sennor, try going to a local or community bank that lends money on a portfolio product, meaning the bank uses their own deposit money to make loans, and does not sell them to fannie or freddie, therefore they do not adhere to the same underwriting guidelines that regular lenders do.
You have three businesss and you change from time to time devoting more attention to whichcever business at any given time is paying you the most for your efforts at that time.
Your averaged income is still the same over three businesses
What is the problem?
You either make enough to qualify or you do not.
Your averaged income is still the same over three businesses
What is the problem?
You either make enough to qualify or you do not.
