Self employed - how does this affect chances of getting a MORTGAGE?
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Date: March 19th, 2018 3:25 PM Author: mind-boggling sanctuary digit ratio
Get the mortgage before you become self employed, bro.
In short, you'll be fucked.
Also, the goal of declaring as little income as possible and as many expenses as possible doesn't really square well with making you mortgage worthy.
(http://www.autoadmit.com/thread.php?thread_id=3922966&forum_id=2#35638824) |
Date: March 19th, 2018 7:38 PM Author: Irradiated Base Dysfunction
I did this and agree with the above. Total pain in the ass to try to verify self-employment income. The dipshits in underwriting don't understand--they just want to see W2s and check boxes on their forms, and then here you come with 1099s and they have to ask you for balance sheets and explanatory letters. (And you won't even have 1099s yet under your facts above.)
You will have to verify that nothing has changed between the time you apply for the mortgage and close your house, so if you're not a liarmo, plan accordingly and either close prior to quitting or pepper your angus for delays.
They got comfortable with my situation because my current self-employed line of work is in the same field as my prior line of work, and I had relatively stable income while self-employed over a period of ~2 years.
(http://www.autoadmit.com/thread.php?thread_id=3922966&forum_id=2#35640676) |
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