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Lannasmama
Love my girls
Member since 7/10 3580 total posts
Name:
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Self employed and mortgages
Anyone else's DH or yourself considered "self employed" with a 10-99? DH is in sales and has a 10-99 which good for him, but not so much when we tried to get a mortgage. He takes home a nice salary, but his taxes show he takes home considerably less than what he really does, due to write offs. He tried the whole not writing anything off thing but they look at past years of taxes. My question is, has anyone tried for a mortgage and got denied bc of this? And does anyone have any info on what we could do to help us get a mortgage? TIA!
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Posted 9/23/10 7:20 PM  |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Self employed and mortgages
Save a ton of money and put at least 20% down.
Some banks might think it's worth the risk knowing there is already a ton of equity in the house.
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| Posted 9/23/10 7:43 PM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: Self employed and mortgages
I got denied!
We couldnt use me on the mortgage
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| Posted 9/23/10 7:59 PM |
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METLove2008
LIF Adolescent
Member since 5/08 541 total posts
Name:
Ellie
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Re: Self employed and mortgages
I'm self employed... it was really tough for us to get a mortgage cause DH doesn't earn a lot and my taxes don't show a lot. I had the 20% down saved but then they told me I needed to save for closing costs too.
They did a stated income mortgage. I've heard that most banks stopped doing stated-income mortgages though since the economy is so bad.
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| Posted 9/23/10 8:15 PM |
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mrsboss
my little love
Member since 12/09 5054 total posts
Name:
Me
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Re: Self employed and mortgages
DH is self employed, and he was unable to be on the mortgage, due to the same issue. I put the house in my name. It was a short sale, and we got a great deal, otherwise, this would not be possible us to do.
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| Posted 9/23/10 8:43 PM |
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JustJack
:)
Member since 2/06 2041 total posts
Name:
J
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Re: Self employed and mortgages
Dh was self employed through his families company and the bank said he had to go on w-2's to go on a mortgage, so luckily he was able to switch. We had to even wait a year after just for the bank to feel safe. 
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| Posted 9/23/10 9:45 PM |
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cityandbeachmom
Vineyard hopping time
Member since 6/10 1821 total posts
Name:
Suffer the pain of discipline,
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Re: Self employed and mortgages
You need to make sure you have a substantial down payment and a consistent paper trail to be approved to borrow the rest. Unfortunately business owners are viewed as a liability, especially if it is a new business. Even if your dh pays himself in cash from business regularly, he should be writing checks to himself...even if he is putting the money back into the busness. Banks want to see consistent salary. Good luck!
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| Posted 9/23/10 9:57 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Self employed and mortgages
it's hard
Bethpage does them with "considerable" assets
and over 700 credit score
I am self employed and plan on saving up over 20% before I even start looking
hopefully I will be remarried by then to someone with a salary
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| Posted 9/24/10 1:06 PM |
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MrsJakob
Naterade is Thirstade!
Member since 6/10 3002 total posts
Name:
Danielle
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Re: Self employed and mortgages
They totally rejected us. They said our best bet was to get a cosigner for the loan.
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| Posted 9/24/10 1:35 PM |
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Lannasmama
Love my girls
Member since 7/10 3580 total posts
Name:
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Re: Self employed and mortgages
Posted by MrsJakob
They totally rejected us. They said our best bet was to get a cosigner for the loan.
same here. Stupid economy.
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| Posted 9/24/10 10:14 PM |
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MsMBV
:P
Member since 5/05 28602 total posts
Name:
Me
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Re: Self employed and mortgages
Posted by Lika71302
Posted by MrsJakob
They totally rejected us. They said our best bet was to get a cosigner for the loan.
same here. Stupid economy.
That drives me insane. Does anyone co-sign a mortgage? It's a 15 - 30 year loan!
A friend of mine that is self-employed, and who is married to someone who is self-employed, had to put 50% down on their house to get approved.
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| Posted 9/26/10 10:12 PM |
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MrsJakob
Naterade is Thirstade!
Member since 6/10 3002 total posts
Name:
Danielle
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Re: Self employed and mortgages
That's insane!!! They us told that if we had a co-signer, we could take them off and refinance down the line. 
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| Posted 9/27/10 12:17 AM |
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