That kind of sucks...i had no idea.
I do know that a friend of mine is self employed, has been for several years
now, and he constantly passes on stories to me that are similar to yours.
Why do we make it such a hassle for people in this country to be
self-employed?
On Wed, Jul 16, 2008 at 1:42 PM, Cameron Childress <[EMAIL PROTECTED]>
wrote:
> 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
>
>
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~|
Adobe® ColdFusion® 8 software 8 is the most important and dramatic release to
date
Get the Free Trial
http://ad.doubleclick.net/clk;203748912;27390454;j
Archive:
http://www.houseoffusion.com/groups/CF-Community/message.cfm/messageid:263980
Subscription: http://www.houseoffusion.com/groups/CF-Community/subscribe.cfm
Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=89.70.5
