Comments on: Starting the Home Buying Process while Self-Employed (in Today’s Economy)

By: STACEY

STACEY — Mon, 07 Feb 2011 02:59:45 +0000

I am the owner of a c corp the company i s new (under 2 years) and I want to purchase a home but was told that there was no way unless I was employed and only needed one check as opposed to the 6/12 that I heard you needed. Suggestions?

By: JeffK

JeffK — Sun, 23 Jan 2011 14:57:01 +0000

How is the housing crisis, and free fall in home prices, gonna be solved if folks can’t obtain a job? There are an incredible number of people which already lost their homes and millions more will until America starts making something more then excuses. It is time to adjust the trade agreements with the Chinese. For heavens sake, our primary trade partner is known to manipulate its currency!

By: Scott

Scott — Fri, 14 Jan 2011 03:02:51 +0000

Scott,

I’m self employed as well. The problem is my line 37 doesn’t look very good. Close to nil. That is line that shows my profit after business expenses, therefore, I never applied to get a house. Now, I need a house imminently. Can I do the tactic you suggest in putting my on my own payroll. I’m already an LLC. Then can I purchase a house and use my parents S.S. money as an additional rental income to qualify??? I have a 770 credit score and a total of 32,000 in credit line with a 10k balance.

Any more idea’s ???

By: Kevin Koskella

Kevin Koskella — Tue, 12 Oct 2010 21:12:06 +0000

This is a good post and highlights the fact that there is a bias against self-employed people in this country. I just found out that I am not eligible for a car loan because I take enough write-offs to show only $15k in income per year! It looks like I live at the poverty line because if I don’t take the write-offs, I will be paying much more in taxes. Banks will bend over backwards from someone pulling a paycheck that could get laid off at any time, but for those of us who step forward and take our financial wellness into our own hands, forget it- we’re a bunch of losers according to them!

Anyway, hope it worked out for you Pat!

By: Heather Mortgage Modification

Heather Mortgage Modification — Thu, 03 Sep 2009 15:45:46 +0000

The whole lending system is corrupt. You just want to get a house and stay within your means and you definatley make enough but these other guys who bought too much house for their income now qualify to get help from the government for mortgage modifications. That just disgusts me. I really hope that you can get everything through before December. We also moved in one week before our daughter was born and it was not easy.

Maybe you can find a foreclosure and pay for it in cash as another reader stated above. There are probably plenty in San Diego. Good luck.

By: Christina Crowe

Christina Crowe — Mon, 27 Jul 2009 18:19:36 +0000

everyone wants to do this these days, it can be quite hard

By: Deneil Merritt

Deneil Merritt — Sat, 18 Jul 2009 19:49:14 +0000

To get your mortgage in the first place you ned to have an agreement with the seller, and be able to coonvince the bank you really want it and can afford to pay it back

By: Kelsey

Kelsey — Fri, 17 Jul 2009 14:53:42 +0000

I can’t believe you can’t get qualified for mortgage! That is just ridiculous. I know that banks are being cautious because self-employed income is usually variable, but if you have proof that you’ve been making around the same income for several months/years, I don’t really see what the problem is.

Good luck Pat!

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By: Adam Bertram

Adam Bertram — Tue, 30 Jun 2009 16:17:29 +0000

I hear you, Pat!

I went through the exact same thing just a few weeks ago. I still have a full time job (fortunately or unfortunately depending on how you look at it) that doesn’t make enough to get a mortgage. I’ve only been with my business of selling books on the Internet for about a year so I was told we’re SOL as well. Unfortunately, we also don’t have a down payment set aside so we axed that idea. We’re going to have to save some for a down payment, wait another year until my business has been around that long and then look into it.

It’s a ton harder than when we first got our house!