I have excellent credit, but only 1 year of self employment income. Can I still get a loan?

I recommend you contact an experienced broker or mortgage banker in your areato analyze your personal situation and qualify you based on all factors in makinga determination. I personally can qualify a borrower base one 1 year of self employment providing other requirements are met. I need to do a complete analysis and qualification of an individual to make a determination at this point, andI am pretty sure a competent mortgage consultant in your area will need to do so as well.

You may well qualify based on additional information and requirements. There are a number of factors that lead to an approval. Contact me for an in-depth analysis of your situation.

Maybe... The general rule is that you need two-years of self employment. But, when your application is run through automated underwriting (AUS), if you have a really good overall profile, it "MAY" ask for only one year. Again, this is an exception. Good luck.

It is possible to be qualified fro a mortgage loan with one year self employment. You will need to obtain a Freddie Mac lender. The Automated findings you get from Freddie mac typically only require one year self employment. But you still need to contact a mortgage broker or lender in your area and let them obtain full application from you and check your credit. Then they can run your loan thru Freddie Mac's system and see what income qualifications are required.

Possibly. Sometimes you can get a waiver with Freddie Mac to only use one year of tax returns.

A lender would need to look at your complete loan profile to answer your question.. guidelines do have exceptions for folks in your position, but again, we would need to look at the whole picture to advise you properly.. for this reason, I suggest you contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347