loan question---I have 800 FICO but am a business owner, can I get a loan?

Hi, I had a question regarding financing/loan for a condo that I want to buy in few months. I am in a very peculiar situation where I am just starting out my small-business and don't have a W-2 job per se. I don't have much to show as income since I'm just starting out and don't have any SUBSTANTIAL income coming from my business just yet. However, I have enough capital on hand to buy a condo/house up to $500K from my savings, plus other account balances. While I can pay cash and buy it outright, I would really like to put 50% down and then finance the rest. My Q was whether I can even qualify for a home loan (first time buyer) with no W-2/Income and just based on my account balances/cash/net worth and a credit score of 800+. I really don't want to pay all cash, but not sure if I'll be qualified based on my situation. Is there any way I can get a loan (with higher DP) or do they absolutely require an income source/W-2 for approval? Thanks in advance... by johnsjune from Taos, New Mexico. Jul 8th 2011 Reply