My husband and I started our own business 4 months ago, we're doing so well, making 7k a month. Wondering if we have to wait along time to buy a house? To apply for a loan? My husband has already owned a house, and sold it. Our parents said they had to wait 2 yrs before their bank would give them one, and they're millionares now. Anyone know anything?
2007-05-02 14:42:01 · 6 answers · asked by Foxy 1 in Business & Finance ➔ Renting & Real Estate
YOU can call a mortgage broker and they can use your bank statements as proof of income...
Usually they want you to have an established business and 2 years of income tax returns .. but there are so many different programs out there anything is possible..
Good LUck!
2007-05-02 14:46:37 · answer #1 · answered by Miss Know It All 6 · 3⤊ 0⤋
Traditionally, banks want to see two years of financial statements when you are self employed. But loans have changed, and there are lots of non-tradional methods of getting loans now. A stated income loan may be easier for you to work with, although it will probably come with a higher interest rate. If so, just refinance in a couple of years when you have the two years worth of statements.
2007-05-02 21:49:31 · answer #2 · answered by Brian G 6 · 0⤊ 0⤋
Used to be you needed 2 yrs of substantiated income. Now there are no doc loans that will probably carry higher rates. Go for it and get it refinanced in a year or two just make sure there is no prepayment penalty.
2007-05-02 22:26:55 · answer #3 · answered by Tom J 3 · 0⤊ 0⤋
Generally speaking, lenders want a two year track record of income from the self-employed. You may find lenders who will take a lesser track record, but be prepared to pay a higher risk rate. If your parents are millionaires, ask them to co-sign for you. A lender MAY be willing to remove the co-sign after a period of time of a good track record of income on your part, but DO ask this question BEFORE you take the mortgage.
2007-05-02 22:04:45 · answer #4 · answered by acermill 7 · 1⤊ 0⤋
NO YOU DONT HAVE TO WAIT,
HOWEVER YOUR INTEREST RATE COULD BE SLIGHTLY
HIGHER THAT OTHERS WHO HAVE W2 PAYING JOBS.
IF YOUR CREDIT SCORES ARE HIGH ENOUGH YOUR IN,
POSSIBLE WITH NO MONEY DOWN.
GOOD LUCK
IF YOU WOULD LIFE TO BE PRE-QUALIFED FOR A LOAN, PLEASE FEEL FREE TO CALL ME AT
614-485-1710 NO CHARGE.
PRIOR TO STARTING YOUR NEW HOME SEARCH YOU
SHOULD GET PRE-QUALED TO BE MORE CREDIBLE
WITH ANY REALTOR OR HOME SELLER YOU ARE DEALING WITH.
2007-05-02 22:07:28 · answer #5 · answered by scott m 1 · 0⤊ 1⤋
If you have strong credit scores you can probably purchase now.
2007-05-06 21:25:53 · answer #6 · answered by Cindy 3 · 0⤊ 0⤋