Since leaving the big "T" in April because of the slowing auto market, I began doing strictly computer consulting and have made some very good money at it. I set this company up as my plan B years ago when I worked at Lexmark. I love the atmosphere of consulting and hope to keep going down this path. Does anybody know how I can get a home loan while being self employed? The company has zero debt and is turning 8-19K per month after paying to keep the lights on. I am not looking for a huge house, just a nice upgrade from where we are now. Do I need a secured bond with the mortgage company? We have equity in our current house but, I'd rather have that to put into a new house.
Self employed and need a home loan?
- Thread starter klrv6
- Start date
BOOSTBROTHER
just spooling around
- Joined
- Aug 18, 2004
I have run in to this before the standard line from most banks on self employed is you have to have been doing it for at least two years before they will loan you money. Take a look at a Small Buisness Loan they might be able to help Small Business Administration - Financial Assistance -. What you need to do is find a small home town bank that understands what you are doing if you are making money and have money to out down on the next house ( CASH WILL FIX ANY PROBLEM ). If the bank says no put more cash down at some point somebody will take the loan.
When you take to the banker make sure you are talking to the person who knows what they are doing, Most big bank have put a pretty face at a desk to smile at you and most of the time they can't help you.
I hope this helps.
When you take to the banker make sure you are talking to the person who knows what they are doing, Most big bank have put a pretty face at a desk to smile at you and most of the time they can't help you.
I hope this helps.
- Joined
- Dec 7, 2002
Sounds like things are going good for you! Congrats!
