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House is 120k
Credit score is 640
I can put 20% down
I get an annuity in a few years which is 150k.
I own a small online business but taxes are still breaking even becuase it's a new business, though I still make money every month it's not a lot. I need to see if it's possible to get a home loan under these conditions. If I were to put 20% down and then when I get my annuity put another 20% down, while paying a monthly mortage.
How long have you been self-employed?
Typically, you need two years of SE history in order to determine if your income qualifies for a mortgage loan. And that income must support your being 'qualified' with the ability to repay a traditional mortgage loan.
When does the annuity begin?
IS it a one-lump sum?
If it's begun you can count it as qualifying income under most circumstances for most loan programs. Otherwise, if it's still deferred until a future date, you may be stuck without being determined to have that Ability to Repay until then.
Thanks for the reply. I've been self employeed since 2013. The annuity is a lump sum of 150k which I will recieve in 3 years.
For self employed, do they guage off of your gross revenue or profit?