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Guidance

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
New Member

Guidance

I’m self employed and have been for about 16 months. I only have one year of tax returns. I own 22 acres outright and have started the building process (framed and a roof).

My FICO scores are 702/694/674

My utilization is 74% (yes I’m aware it’s high)

So I have a lot of moving parts. I guess I’m looking for likely a no doc type loan given my one tear tax return.
I have a significant other who grosses about $175k a year ($35-$40k adjusted) but his credit is not great after an illness he had a few years ago. So that doesn’t help even though he’s been self employed for 22 years.

Maybe a private lender? Am I looking for a line of credit instead?

Any help would be appreciated. Thanks.
Message 1 of 4
3 REPLIES 3
Community Leader
Senior Contributor

Re: Guidance

Hi and welcome to the forum

 

IDK the answer but wanted to respond to bump your post up to today. 

 

However, I do have some questions:

 

What amount of loan are you seeking?

Do you have a minimum of $10K down?

Do you have funds for closing?

Do you have Bank statements proving you can make monthly mortgage payments?

 

Hopefully, an expert will come along soon. 

GOALS: Garden til DEC 2020 and 800 Club



Scores
JUN 2019: EX 788, TU 794, EQ 779
APR 2019: EX 787, TU 789, EQ 781
JAN 2019: EX 794, TU 783, EQ 801
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnate $25K || NFCU CashRewards $20K || Macy's $20K || Discover IT $15.7K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 2 of 4
Established Contributor

Re: Guidance

Hello,

 

Having only 16 months self employment isn't necessarily a deal killer. You could wait another 6 months and file your 2nd year of taxes and hopefully not take so many deductions this year know you can qualify now for a Conventional  loan using just your last reported 1040 instead of two years. Or there are a number of NonQM Loan products available to you now, that are designed for borrowers with your scenario. You have options.

 

Hope this helps you.

Mortgage Banker - Since 1988 offering FHA, VA, USDA, Conventional, Jumbo and Portfolio Loan Products. Licensed in AL, AZ, CA, FL, GA, IL, IA, IN, KY, LA, MI, MO, NC, NE, NV, NJ, OH, OK, OR, PA, SC, TN, TX, VA and WI.
Message 3 of 4
New Member

Re: Guidance

What amount of loan are you seeking?

$125k approx

Do you have a minimum of $10K down?

Yes
Do you have funds for closing?

Yes

Do you have Bank statements proving you can make monthly mortgage payments?

Most of the money goes into the business account/single member llc. I have about $1200 a month that hits my actual personal account or that I pay myself. I mean I can pay myself more if I want.
Message 4 of 4