Valued Contributor
Posts: 3,302
Registered: ‎06-09-2010
Re: FHA loan question

OilFieldEngineer wrote:

You still may be ok I have a side business consulting in my profession and frequently have my accountant "flip the magic swith" to show great losses on the business based on its own expenses which are nothing more than my own to take a loss carry forward from the subchapter S corporation in short I have in the last two year 2010, 2011 income that is either zero or negative on my tax return. 


The loan officer and underwriter is using my bank records and W2 earnings from my primary job for my income because they said I have compensating factors such as assets and reserves. A loan is possible but it is based on other factors.


I still think you can do it on your own part of what they will consider is what you apartment rent is currently. That was also reviewed with mine and if you have never been late the underwriter will consider that information as a track record for basis of repayment. At least this is what they are doing on mine. 


My loan is currently still in underwriting they asked for two conditions which I satisfied already and I am hoping for a clear to close (fingers crossed).

You still have positive income reporting. The OP has no positive income reporting.

Good Luck
May all your dreams and wishes become a reality!