I'll be a first time home buyer... well, sorta... I had a couple rental properties which I had to sell last year. But this would be the first home I buy for myself to live in. My credit is good. 750.. I have a bunch of small credit cards, but they are all paid on time. I have a car loan and will be getting another car loan through my business credit, but I will be co-signing with my personal credit. My debt to income ratio is 34% accordingly to the calculator.
I can definitely afford this much of a home, but the problem is that I really can't prove that I can. Pre-covid, I was working temporary 9-5's to support myself while trying to get my business off the ground. I made about $12k with my business and I have tax returns for 2019 to prove it. Therefore, as of now the only way to prove any form of income is with my 2019 tax return.
My business is a logistics/transportation business... we assist with moving and relocating items, we work with pharmacies delivering medicine to hospitals and we also do other transporting needs. HOWEVER, in 2019, I only had moving clients, where my drivers would assist with moving people in and out of new houses, offices and etc. And I had about 4 private clients for medical transportation. But I barely made any money cause I could barely keep workers due to the slow work, and the fact that I was just starting out.
January 2020, I hit a stride and got 4 contracts with anauto part delivery warehouse where we pick up auto part orders and deliver them to mechanics and to other stores. This was about to set my company off at that time, but covid came and wiped it clean out. I lost all 4 contracts because the auto part warehouse shut down all of it's warehouses due to covid... and eventually they went out of business all together. And I made crumbs in 2020... no real money at all. I got the ppp loan which was small, and I also got unemployment for the entire year. That's the only thing that I can show for 2020 is unemployment, ppp loan, and the little money I made from January 2020 to March 2020.
I just got 10 new contracts... And after overhead, taxes, and business emergency savings, I walk away with $11k per month. I also have another business that I have started which is a carpet cleaning business. I just started to make weekly deposits into my business bank account. Which will show that I make at least $16k monthly. However, I only have 3 months worth!
I found the perfect home for $500k in Atlanta. I have about $50k for down payment, I sold my duplex in Syracuse and will use this for a downpayment.
I have about $40k (and counting) in savings.
I want to make this happen, someone was telling me about the NO INCOME VERIFICATION LOAN. How does it work?
