On Wed, Jul 16, 2008 at 2:24 PM, G Money <[EMAIL PROTECTED]> wrote:
> "Here's what I make, here's what I've saved, here's the range for what I
> want to spend on my next house...."
>
> "Ok, you're approved!"
Yup - that's how mine went too. With two different lenders. Then a
few days later one calls me back and goes "oh wait, you are self
employed?". To which I replied, "yes I am, I told you that three days
ago".
With self employed they exclude all income sources other than from
your company and then:
sum(last24monthsincomefromyourcompanyonly) / 24 = your monthly income
I only have 12 months of self employed income, the rest was W2 income
from another company and doesn't count at all in any way shape or form
- which is a shame because it was actually HIGHER than what I
currently pay myself.
At that point it's just a math problem. sum(12monthsincome)/24 = not
enough income
In discussions with a lender I found out that if I change my own W2's
to show a different company address and find someone willing to answer
a phone and verify my income ("Hello - Vandalay Industries!") then
they would never know I own my own company and I would get the loan no
problem. Just like you did.
It's okay - I will wait for a few more months of income to tip the
average over the point it needs to be and then renegotiate the condo
for a lower price. A unit in that building is almost certainly going
to still be for sale. The only bummer will be that interest rates
will almost certainly be higher in a few months, and I may not have as
many florplans to choose from by then.
-Cameron
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