Recently self-employed

The thought process is that your income can be interrupted and yes it can also be interrupted while working for someone but the company is thought of being able to weather that more than an individual. If you are a contractor and receiving the same or more from the same companies as you were as an employee and a 3 year contract exists than yes it can be done. I can be reached toll free 800-485-1387 Ext. 116 or email ballen@bankofengland1.com

Hi, yes, 2 yrs self employment is the rule of thumb. However, with a history in that line of work, with assets, and good credit -- I have a couple lenders who will work with us with one year tax return. There aren't any guarantees as there's other things to consider but, you could try. I'd wait until you had a full years worth of self employment income on your tax return as you wouldn't want to do a partial year as it would be averaged over a full year. That's regardless if it took you 7 or 12 months to earn it. If I can answer any add'l questions, I'd be happy to help. Best wishes otherwise, Kimberly Lawson, Licensed Mortgage Loan Originator - Ohio only. Contact and licensing information can be found on my profile.

Have you filed a tax return for self employment income yet? After one full Tax year you might get an exception. It's really dependent on.how much you earn, how much you earned, what type of business. Email me and I'll review. I have lots of lenders to consider so if it can be done I will find a way www.jennifersheil.com 513 602 5498

I will also say that if you one year I have programs that may fit even without an exception. Call me or email Jennifer@queencitymortgage.net

FNMA guidelines state that 2 years would be required, but the exception is for 1 year if the borrower has been successful in the same line of work previously.. Example: You worked for a roofing company for 8 years, made good money and started your own roofing company 16 months ago. An exception can be made in this scenario. You will need at least 1 year filed federal tax return, and the lender will only consider your adjusted gross income .. If your business brought in $1M but wrote off $990K, then the remaining $10,000 would be the income used for qualifying purposes.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they can advise you properly. By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders ( i have 21), seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower 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