Shane-Self-Employment question

[CreditJunkie]

Here is my situation. I started a small franchise April of last year. Gross Income is about $7000 a month. I have 15k saved up, and I want to look to buy a home as soon as possible. Scores are low to mid 700s. The home's I'm looking at are in the 250-300k range.

I have heard that lenders want you to be self-employed for at least 2 years. Is there any way around this Shane, and what are my options?

Message Edited by CreditJunkie on 01-08-2008 06:50 AM

[ShanetheMortgageMan]

There is a loan program through Countrywide (or through a broker who can go through Countrywide, which is what I recommend since Countrywide's retail has pretty high interest rates) that can make exceptions to less than 2 years of self-employment - called "Fast & Easy".  It requires 680+ scores and 5% down (10% down in a declining market)

[CreditJunkie]

Thanks Shane, I will tell my realtor about this and we will go from there.