Self-employed status can skew home loan chances
Jessica White/DC Columnist
Issue date: 5/5/08 Section: Business
Additionally, you may find that the underwriter wants to see that he was self-employed for at least half of the last tax year. This could be a deal killer for you, since he only became self employed in October of last year.
Currently, if you can get qualified for a loan and get through underwriting, you may just have to take whatever loan, at whatever terms, you can get.
You may be better off delaying your home purchase for several months. Your husband's credit report will get better with time, and you can use the coming months to save as much money as possible for a down payment. I would consider starting the loan process again over the Thanksgiving and Christmas holidays. In my opinion, that is always a great time to be a buyer. Best of luck,
Jessica White, also known as "Ms. Mortgage Maven," is a senior loan officer for a national bank with a branch in Fort Washington, MD. Call her with your questions 202-607-4449, visit her online at www.msmortgagemaven.com, or email her at Jessica@msmortgagemaven.com and you may get your question answered in this column.
Currently, if you can get qualified for a loan and get through underwriting, you may just have to take whatever loan, at whatever terms, you can get.
You may be better off delaying your home purchase for several months. Your husband's credit report will get better with time, and you can use the coming months to save as much money as possible for a down payment. I would consider starting the loan process again over the Thanksgiving and Christmas holidays. In my opinion, that is always a great time to be a buyer. Best of luck,
Jessica White, also known as "Ms. Mortgage Maven," is a senior loan officer for a national bank with a branch in Fort Washington, MD. Call her with your questions 202-607-4449, visit her online at www.msmortgagemaven.com, or email her at Jessica@msmortgagemaven.com and you may get your question answered in this column.
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Andre Lujan
posted 5/13/08 @ 1:22 PM EST
This message is for Pam.
Pam,
While the last person had some valid points there are ways for you to position yourself to be a creampuff client for a lender. (Continued…)
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