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Mortgage for self employed
Posted on 2/8/20 at 8:25 am
Posted on 2/8/20 at 8:25 am
Question for Mortgage Lenders-
I am in contract for home 700k putting down 140k. I was up front and told my lender my income showed 77k in 2018 and 190k in 2019. They said they would average the two years and they pre approved me based on that info. Now that I’ve given them the documents they seem to be concerned about the jump in income. I also have an excellent credit score and 12 months in reserves. What are the odds I can get this loan approved?
I am in contract for home 700k putting down 140k. I was up front and told my lender my income showed 77k in 2018 and 190k in 2019. They said they would average the two years and they pre approved me based on that info. Now that I’ve given them the documents they seem to be concerned about the jump in income. I also have an excellent credit score and 12 months in reserves. What are the odds I can get this loan approved?
2
Posted on 2/8/20 at 8:30 am to choke
It should not be a problem. How long has the business been open?
Posted on 2/8/20 at 8:31 am to ellesssuuu
Just over 4 years
Posted on 2/8/20 at 8:53 am to ellesssuuu
Thanks!
Posted on 2/8/20 at 9:30 pm to choke
Some lenders only require 10% down for jumbo loans. I’d shop around before you put down a bigger upfront then you have to. Unless your trying to avoid PMI.
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