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Started By
Message
Homebuying
Posted on 6/21/16 at 9:49 am
Posted on 6/21/16 at 9:49 am
Background and question: I've started a new business, but also have a full time salaried position with another company. The salaried position is temporary (anywhere from 3 to 12 months as needed) to help them out during a busy time and to help keep me off the new company payroll while we're getting the new business solidified. Question is how much more difficult will it be for me to buy a house once self employed versus having a salaried position with a long established business?
We're in a temporary apartment right now and ready to buy if we find the right place. I'm just worried that we could have a lot more difficulty buying a place if it doesnt happen until after I'm self employed.
Credit: 750-760 range
We're in a temporary apartment right now and ready to buy if we find the right place. I'm just worried that we could have a lot more difficulty buying a place if it doesnt happen until after I'm self employed.
Credit: 750-760 range
6
Posted on 6/21/16 at 10:27 am to BLM
You will need to purchase the house while you are employed with salaried position. If you are self employed, you will have to wait at least 2 years.
Posted on 6/21/16 at 10:52 am to BLM
Yep, at least 2 years and a P&L statement. And still, some cookie cutter lenders will reject you. Find a local bank that still makes its own mortgage decisions; you'll have better luck there.
Posted on 6/21/16 at 12:38 pm to hungryone
(no message)
This post was edited on 6/25/17 at 7:27 pm
Posted on 6/21/16 at 12:58 pm to BLM
I had to bring more documents to my refi BC I went from W2 to 1099 employee.
I thought it made it a little harder.
I thought it made it a little harder.
Posted on 6/21/16 at 1:17 pm to BLM
Thx for the feedback.
Posted on 6/21/16 at 2:55 pm to BLM
I would definitely not tell the underwriter voluntarily that the salaried position is temp.
If they ask, do not lie - tell the truth. But don't volunteer that info without being asked, either.
If they ask, do not lie - tell the truth. But don't volunteer that info without being asked, either.
Posted on 6/21/16 at 7:57 pm to LSUFanHouston
Yeah, less is more in this situation. I was talking to the mortgage broker I used to buy another house back in '06. He basically said I'm toast if I'm self-employed. He went on to say it's crazy bc someone that hasn't had a job in 10yrs could go get a salaried position somewhere and provide two pay stubs and he could likely get them financing.
Posted on 6/21/16 at 9:17 pm to BLM
(no message)
This post was edited on 6/25/17 at 7:26 pm
Posted on 6/22/16 at 7:11 am to BLM
The issue with your salary is going to be the verification of employment. On the VOE, the employer could list salary guaranteed until "end date."
If they don't list that or something similar you should be OK with the salary.
Think about it from a realistic approach too. Is this a position you can return to if something happens to your new business and it does not perform?
I understand loopholes to get approved(brag incoming but whatever, I've closed 105 loans year to date) but I also want to look out for your best interests. I'm hoping you are confident in the success of the business to allow you to support yourself financially.
If they don't list that or something similar you should be OK with the salary.
Think about it from a realistic approach too. Is this a position you can return to if something happens to your new business and it does not perform?
I understand loopholes to get approved(brag incoming but whatever, I've closed 105 loans year to date) but I also want to look out for your best interests. I'm hoping you are confident in the success of the business to allow you to support yourself financially.
This post was edited on 6/22/16 at 12:41 pm
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