Self employed for over 4 years and I need home loan having probelms please help?
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Ok I am 23 years old have an excellent credit score (806) I have been in my same business for more than 4 years and I have never declared bankruptcy or been late on paying my credit card bills in fact I pay the very next day these accounts have long been established. I owned a condo for exactly a year and have not once been late on payment or for HOA. I sell that condo and decide to move to another state and the lender in the other state says I need to show 24 months of previous housing/rent payments in order to get this particular loan, I told them how can I, I only lived in my condo for a year and before that lived with my parents and they didint charge rent... so that does not equal 24 months etc? They then decline my loan on that one techincality. Anyone know of a lender that doesn't have a requirement like this that would be interested in lending to me for a single family home purchase? Any help much appreciated!
Self employed for over 4 years and I need home loan having probelms please help?In general 24 mths proof of payments are required. I suggest you go to a Licensed Mortgage Broker in the state you just recently moved to & explain to him/her the situation. They should have a lender that can do your file. You might get a hit on the rate because you do not have 24 mths of payment history but they shouldn't decline your loan. You didn't list if you had went to a bank or mortgage broker.
No one can really list a lender for you to try because my company might be signed up with a lender that your mortgage company is not. You can try the banks but why would you do that? A bank has anywhere from 20 - 40 programs. If you go to a Mortgage Broker he/she works with anywhere from 50 - 70 banks & each of those banks have 20-40 programs. You obviously have a better chance to get a loan if you try a broker.
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