Ok almost done with this craziness! After almost TWO months of looking for a lender to give me any hope, found one! (Problem was two year tax returns)
I have one year of self employed income "documented" on a tax return. I own 90% of the company now and showing HUGE (over 500% growth within the first two months of the year!). The first two years were done wrong. It was filed as a sole proprietorship under the owner at the time, not an LLC. However, it's fixed and through Freddie Mac, they do it all the time with just one year personal and one year business tax returns. As long as the business has been operating for 2 years. (It's 3 years old).
Total income 2014 :28k
Business income: 25k
Excepted conservative business income for 2015: 85k
Unit planning to purchase (asking price): 124.5k
Planned down payment: 5%-7%
Assets: Personal checking: $300 (just paid a bunch of bills today right before they asked :/)
Business checking: $2,300
Savings: $6,300
Mid Credit score 728
Now heres the tricky thing (of course theres more)
They allow one year of credit history, but most of my tradlines are under one year old. I turned 18 in July, I got a fed student loan for going to college early in Aug 2013 when I was 17. On my birthday this past July, I got a credit card to build my profile.I now have 24.1k in revolving credit and an instalment account.
Now they are having problems with auto approval because most tradlines are under a year old. My 18k AMEX hasnt reported yet though, which will backdate to Jan 2014. Bringing my AAoA to 1.2 years. Once my AMEX reports will it be fine? or will they allow the credit report they have (they already have the information on the new card)
Its on the UWs desk so hopefully it's ok! They were working on it for 8 hours today, so at least it wasn't a quick denial right? 
Don't quote me on this but I suspect they want to see 12 reported payments most likely though maybe the backdate will fool Loan Prospector (Freddie); automated is best but will your lender do a manual underwrite if it's referred?
Lenders have their own standards in many cases and I'm not sure what the Freddie one is, but a backdated account likely doesn't make weight when it comes to seasoned tradelines. Roll the dice and see, otherwise you're waiting 4ish months from the sounds of it.
siwi5385 came out and said-
so at least it wasn't a quick denial right? 
Well yeah, but it could be slow denial.
I read your post and see you have a good score, but yours is a thin file. I dunno much, but if I'm looking to give a mortgage to a 18 year old I'm gonna be very cautious with my people/company's money. There are some things not in a credit file, that you just know.
All I'm saying don't take this personal if they shoot it down.
You're on the right track, and have a plan, but it might be too early? But who knows they just might float this note. Keep us posted.
Oh no! Let me scratch that, I hope this means it's not a denial at all 
When the computer came back, thats the only thing they mentioned. So is that a good sign?
Yeah I know Im jumping the gun 
but i've worked so hard for this! So I have hope
@Anonymous wrote:Oh no! Let me scratch that, I hope this means it's not a denial at all
When the computer came back, thats the only thing they mentioned. So is that a good sign?
Yeah I know Im jumping the gun
DU/LP generally don't outright deny if ever; nobody makes any money if the loan isn't funded so it's guarunteed a human will look at it.
Some lenders won't do a manual underwrite as I understand it (more in human time which costs some additional amount; more documentation associated with the loan which has to be processed to specific standards) but end of the day where there's life there's hope.
Look at it this way: worst case you might have to wait for 4 more months... I decided I was going to get a mortgage a little over 3 years ago but my credit and my finances didn't come together until approximately 5 weeks from now. I know the waiting sucks but it didn't kill me, won't kill you either .