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Self employed - how does this affect chances of getting a MORTGAGE?
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Date: March 19th, 2018 3:19 PM Author: Vermilion marvelous dilemma son of senegal Becoming self employed in 30 days. Current HHI is 400k, and it will drop to 200k. My hope is that I can get HHI back up to pace to hit 400k/yr within 9 months. How does this affect my ability to get a mortgage for 1.2-1.5M in about 6-9 months? Will I be screwed for at least 2 years because I'm giving up my job and won't have verifiable and historical income until then? Any hacks to still be able to get a mortgage absent fraud? (http://www.autoadmit.com/thread.php?thread_id=3922966&forum_id=2#35638782) |
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Date: March 19th, 2018 3:25 PM Author: Dashing bearded voyeur 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. |
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Date: March 19th, 2018 3:26 PM Author: bonkers mind-boggling mexican 100%
Also, enjoy foreclosure! |
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Date: March 19th, 2018 3:27 PM Author: Vermilion marvelous dilemma son of senegal If I get mortgage now, won't they ask about employment changes before closing? I'm not sure that buying a 1.5M house NOW is very smart. But hate that I'm going to potentially be fucked for 2 years even if i do well. (http://www.autoadmit.com/thread.php?thread_id=3922966&forum_id=2#35638836) |
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Date: March 19th, 2018 7:28 PM Author: white windowlicker crackhouse I'd get financing and buy something NOW. Once you're self employed, it's going to take at least one tax return showing your self employment earnings to start a reasonable conversation for a mortgage. There is a reason why I'm like 70% equity in my multi-million dollar home; underwriters pretty much obsess with monthly INCOME, and specifically what can be verified on a tax return. (http://www.autoadmit.com/thread.php?thread_id=3922966&forum_id=2#35640593) |
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Date: March 19th, 2018 7:30 PM Author: spruce exciting psychic cr (http://www.autoadmit.com/thread.php?thread_id=3922966&forum_id=2#35640611) |
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Date: March 19th, 2018 7:31 PM Author: Vermilion marvelous dilemma son of senegal What if i do it and then fail as a solo attorney? (http://www.autoadmit.com/thread.php?thread_id=3922966&forum_id=2#35640614) |
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Date: March 19th, 2018 7:33 PM Author: white windowlicker crackhouse When you owe someone $100 it's your problem. When you owe someone $1mm+, it's their problem. Just fucking take the risk, if you fail, stop making mortgage payments. It takes forever to foreclose and evict someone; aside from ruining your credit for 7yrs, the consequences aren't terrible. You could probably live in that home for a year for free before getting kicked out. (http://www.autoadmit.com/thread.php?thread_id=3922966&forum_id=2#35640623) |
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Date: June 28th, 2018 7:53 PM Author: Comical kitty stage Not when that $1m is backed by a house worth $1.25m. Then you’re gonna be selling your house and losing some of your down payment. (http://www.autoadmit.com/thread.php?thread_id=3922966&forum_id=2#36331161) |
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Date: June 28th, 2018 7:52 PM Author: Disturbing Locale Gaping havent mortgage standards loosened since ITE and we're back to risky 5% down mortgages and ARMs? (http://www.autoadmit.com/thread.php?thread_id=3922966&forum_id=2#36331156) |
Date: March 19th, 2018 3:32 PM Author: Vermilion marvelous dilemma son of senegal (http://www.autoadmit.com/thread.php?thread_id=3922966&forum_id=2#35638867) |
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Date: March 19th, 2018 7:19 PM Author: Vermilion marvelous dilemma son of senegal (http://www.autoadmit.com/thread.php?thread_id=3922966&forum_id=2#35640514) |
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Date: March 19th, 2018 7:38 PM Author: Bronze Internet-worthy Liquid Oxygen 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. |
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Date: June 28th, 2018 7:51 PM Author: Transparent Abusive Casino You’re self employed? I thought you were an of counsel (http://www.autoadmit.com/thread.php?thread_id=3922966&forum_id=2#36331146) |
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Date: June 28th, 2018 7:53 PM Author: Disturbing Locale Gaping what if op is self-employed with his own PC and pays himself with w2's? cant that work? (http://www.autoadmit.com/thread.php?thread_id=3922966&forum_id=2#36331165) |