mortgage question. my dh is an LLC

does this mean that the income his business makes can be listed as dh's income? he's had owned his own company for 3 years. we've been learning a lot along the way how to do things properly. he never really paid himself weekly from the company b/c i guess he would reinvest his money by buying more euipment etc. he would alsp pay bills like the car, cable, phone ( stuff that can be written off as business expense)

we are a little worried that since he didnt pay himself a weekly salary, we will have a problem showing enough income from dh. but with an LLC , will we be able to luck out?

we are going to get preapproved today/tomorrow.

Re: mortgage question. my dh is an LLC

what type of loan are you trying to get?

I am self- employed myself (S-corp) and I would need to do a stated income loan and put 30% down

you will most likely have to do the same

Re: mortgage question. my dh is an LLC

we are looking to get a 30 yr fixed..
not sure if that answers your question regarding what kind of loan.
i am not familiar with the different types of loans other than the choice of 5 yr arm, 15 fixed, 30 yr fixed etc


should my dh be paying himself a salary ?
he hasnt for 08 and 09
he basically uses the money he makes from the company and pays bills,buys more equipment etc..

Re: mortgage question. my dh is an LLC

FHA? or conventional?

you are not going to be able to get an FHA if you need his income

you are going to have to do a stated income - which requires 30% down payment

yes- in order to get a loan with less then 30% down- he would need paystubs or some type of provable income- which he doesn't have now

Re: mortgage question. my dh is an LLC

ok i am googling what is an fha loan and a conventional loan.
thank you for the info though!! we are preparing mentally for the obstacles!!!

thanx again!!!!

Re: mortgage question. my dh is an LLC

what you need is a stated income loan

unless you make a decent amount of money provable with pay stubs

who are you going to for the pre-approval?

Re: mortgage question. my dh is an LLC

what do you consider to be a decent amount of money? and would this have to come from me alone, my dh or combined?

i am using the referral of my REA. the mortgage company is Superior Mortgage

thanks again!!!

Re: mortgage question. my dh is an LLC

I so not get weekly pay stubs and if we used my income when buying our house we would not have been able to get an FHA loan. We could only do an FHA because we didn't have the cash to put 20% down.

Banks do not like stated income anymore cause you can overstate it very easily.

Re: mortgage question. my dh is an LLC