Posted on: 18th Apr, 2009 09:13 am
hi,
in nov 2008 i decided to start my own business. the business is supporting/service/retrofitting x-ray metrology equipment (scientific measuring instruments) is stste this as 99% of my work comes from goverment and goverment contractors not including universitys and not contsruction or industries that are hurting more than others. prior to this i was employed in the semi conductor industry making $75000 + per year (last year return joint income $130k). i have no debt other than my current morgage of $172k with a conservitive house value of $260k.
my question is: i would like to take advatage of the low interst rates and move my family to a slightly larger house but have no idea how to get approved for a morgage being i have only been self employed for 5 months. although i havent dedicated a fixed salary for my self yet my current income is on par/above with my last years income.
worst case scenario i would like to refinance to at least take advantage of the intrest rate at the moment.
i would appreciate any help and input on this.
thanks in advance....gordon
in nov 2008 i decided to start my own business. the business is supporting/service/retrofitting x-ray metrology equipment (scientific measuring instruments) is stste this as 99% of my work comes from goverment and goverment contractors not including universitys and not contsruction or industries that are hurting more than others. prior to this i was employed in the semi conductor industry making $75000 + per year (last year return joint income $130k). i have no debt other than my current morgage of $172k with a conservitive house value of $260k.
my question is: i would like to take advatage of the low interst rates and move my family to a slightly larger house but have no idea how to get approved for a morgage being i have only been self employed for 5 months. although i havent dedicated a fixed salary for my self yet my current income is on par/above with my last years income.
worst case scenario i would like to refinance to at least take advantage of the intrest rate at the moment.
i would appreciate any help and input on this.
thanks in advance....gordon
Hi,
Good luck with your business.
For most self employed loans you need to be in business for at least 2 years. Self-employed home buyers must be careful not to overburden themselves with mortgage debt. If you have enough equity and a good credit score of 700.
Good luck with your business.
For most self employed loans you need to be in business for at least 2 years. Self-employed home buyers must be careful not to overburden themselves with mortgage debt. If you have enough equity and a good credit score of 700.
not a good time to try to combine new self employment with the purchase of a home. then again, there's no good time to be newly self employed and try to purchase.
