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JustJack
:)
Member since 2/06 2041 total posts
Name:
J
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Self employed people...
Did you have any problems getting a loan? The latest reason why our preapproval isn't going through is because my husband is self employed and gets 1099's not w-2's. Any advice? The bank said we would have to wait 2 years after he went on payroll and then try again?????????? Iam about to lose it!
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Posted 10/20/08 5:14 PM  |
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Prudential Douglas Elliman Real Estate
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christys0925
LIF Adolescent
Member since 9/07 512 total posts
Name:
Christy
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Re: Self employed people...
You should find a diff bank. I used to be a mortgage broker and I did those all the time. I had to have 2 yrs proof of 1099 and 12-24 copies of bank statements to prove income. I NEVER had any problems getting those approved.
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| Posted 10/20/08 6:35 PM |
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JustJack
:)
Member since 2/06 2041 total posts
Name:
J
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Re: Self employed people...
Posted by christys0925
You should find a diff bank. I used to be a mortgage broker and I did those all the time. I had to have 2 yrs proof of 1099 and 12-24 copies of bank statements to prove income. I NEVER had any problems getting those approved.
Wow, they never asked for bank statements, but we have them going back probably 6 years at least. Do you have anyone you might suggest? Thanks!
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| Posted 10/20/08 6:45 PM |
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christys0925
LIF Adolescent
Member since 9/07 512 total posts
Name:
Christy
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Re: Self employed people...
Ummm I don't even know if they are still in business but I used Decision One Mortgage, M&I bank, Chase, Novastar Home Mortgage. There are more but I can;t remember them all I used about 90 differnent Banks. These were my primary. M&I was primarily sub-prime.
ETA: sorry it took so long I went for a walk.
Message edited 10/20/2008 7:50:20 PM.
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| Posted 10/20/08 7:49 PM |
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JustJack
:)
Member since 2/06 2041 total posts
Name:
J
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Re: Self employed people...
Thank you for your help, I am not giving up hope yet!
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| Posted 10/20/08 8:44 PM |
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my3boys
I love these boys
Member since 7/07 2711 total posts
Name:
Melissa
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Re: Self employed people...
try another bank, my dh is self employed and we did not have any problem buying a home.
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| Posted 10/20/08 8:45 PM |
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smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
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Re: Self employed people...
How long has he been self-employed?
That may make a difference. Just like someone starting a new job.
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| Posted 10/20/08 9:27 PM |
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JustJack
:)
Member since 2/06 2041 total posts
Name:
J
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Re: Self employed people...
He has been self employed for 3 years, ever since college.
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| Posted 10/20/08 9:50 PM |
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smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
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Re: Self employed people...
Posted by JackieandJustin
He has been self employed for 3 years, ever since college.
What job did he have before? If he had any.
Without getting too personal, they will analyze his business (balance sheet) or they should. Evaluate his profit vs expenses. In essence make a risk assessment on his business.
But mostly, the loans are just harder to get. 3 years is relativelly young for a business. I am not saying he is not doing well. I am just saying that being self employed for 3 years is not considered long.
I would prepare a whole business plan to justify his business, how well it is going, how much profit he makes vs his expenses, how much it has grown. So he looks serious, prepared and knows his stuff about his business. He may have done that already but not sure from what you said. Self employed people usually have to prove themself more than "employees" who"usually" work for an established business already. Sometimes self employed people are not seen as being "serious" or their job is just once in a while, not "sturdy". KWIM? It's a preconception but in this day and age, lenders don't want to take any risks.
I would talk to other banks/lenders and see what they say.
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| Posted 10/20/08 10:26 PM |
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JustJack
:)
Member since 2/06 2041 total posts
Name:
J
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Re: Self employed people...
Posted by smdl
Posted by JackieandJustin
He has been self employed for 3 years, ever since college.
What job did he have before? If he had any.
Without getting too personal, they will analyze his business (balance sheet) or they should. Evaluate his profit vs expenses. In essence make a risk assessment on his business.
But mostly, the loans are just harder to get. 3 years is relativelly young for a business. I am not saying he is not doing well. I am just saying that being self employed for 3 years is not considered long.
I would prepare a whole business plan to justify his business, how well it is going, how much profit he makes vs his expenses, how much it has grown. So he looks serious, prepared and knows his stuff about his business. He may have done that already but not sure from what you said. Self employed people usually have to prove themself more than "employees" who"usually" work for an established business already. Sometimes self employed people are not seen as being "serious" or their job is just once in a while, not "sturdy". KWIM? It's a preconception but in this day and age, lenders don't want to take any risks.
I would talk to other banks/lenders and see what they say.
Actually the business is his families, and its been around profitable for 30 years. He has only ever worked for them since college and has doubled his salary every year.
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| Posted 10/20/08 11:11 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Self employed people...
what about an FHA loan?
they are still approving people with 580 credit scores - so I can't seeing self employed being an issue
FM me- I can give you my husbands info - he does them
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| Posted 10/21/08 8:35 AM |
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smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
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Re: Self employed people...
Posted by JackieandJustin
Posted by smdl
Posted by JackieandJustin
He has been self employed for 3 years, ever since college.
What job did he have before? If he had any.
Without getting too personal, they will analyze his business (balance sheet) or they should. Evaluate his profit vs expenses. In essence make a risk assessment on his business.
But mostly, the loans are just harder to get. 3 years is relativelly young for a business. I am not saying he is not doing well. I am just saying that being self employed for 3 years is not considered long.
I would prepare a whole business plan to justify his business, how well it is going, how much profit he makes vs his expenses, how much it has grown. So he looks serious, prepared and knows his stuff about his business. He may have done that already but not sure from what you said. Self employed people usually have to prove themself more than "employees" who"usually" work for an established business already. Sometimes self employed people are not seen as being "serious" or their job is just once in a while, not "sturdy". KWIM? It's a preconception but in this day and age, lenders don't want to take any risks.
I would talk to other banks/lenders and see what they say.
Actually the business is his families, and its been around profitable for 30 years. He has only ever worked for them since college and has doubled his salary every year.
Then I would go somewhere else. It does not make sense in this case.
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| Posted 10/21/08 9:14 AM |
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