Posted on: 08th Aug, 2010 12:02 pm
need some help!!
my partner and i have a $700,000 mortgage w/ wells fargo for a coop apt in brooklyn, four unit building. when we got our mortgage in 2007, we both were employees of companies (i.e., w2 income). we have a 6.375% jumbo.
now we both make more money than in 2007 but we're self-employed. last year, i was still employed in the regular fashion which my tax returns reflect; my partner was self-employed (ie., 1099 income) but took significant write-offs for her business. so even though we now make literally twice as much as we did in 2007, wells fargo won't let us refinance. they say we could wait until next year (when i've also filed as self employed) but by then, rates will be higher.
our old mortgage broker won't touch this with a 10 foot pole.
anyone out there who can help?!?!?!
my partner and i have a $700,000 mortgage w/ wells fargo for a coop apt in brooklyn, four unit building. when we got our mortgage in 2007, we both were employees of companies (i.e., w2 income). we have a 6.375% jumbo.
now we both make more money than in 2007 but we're self-employed. last year, i was still employed in the regular fashion which my tax returns reflect; my partner was self-employed (ie., 1099 income) but took significant write-offs for her business. so even though we now make literally twice as much as we did in 2007, wells fargo won't let us refinance. they say we could wait until next year (when i've also filed as self employed) but by then, rates will be higher.
our old mortgage broker won't touch this with a 10 foot pole.
anyone out there who can help?!?!?!
You are going to have problems finding a lender. I lend in Brooklyn and can get stated income loans. However, yes you will need at least 2 years of being self employed. The other issue is many lenders will not do this deal on a co-op.
Bookmark this because we may be able to help in the future.
Bookmark this because we may be able to help in the future.
Thanks Eric... but I technically have been self-employed 2+ years... even though last year (2009) I was also regularly employed and DID NOT collect self-employment income, so I took a loss on my Schedule C BUT still technically operated the consulting business. That change things? Meanwhile, I can show SUBSTANTIAL income for this year already deposited. And my partner has been self-employed for 5 years consistently.
