Self employed, steps to get a loan?
Hi BP! I have a few questions about mortgage financing so I can start working in the right direction to get a loan.
I'm self employed with an LLC business. In order to get financing for my first house they require 2 years showing my income. The thing is i'm pretty good at living cheaply, so I have reinvested all my money back into my business each year and don't show much income, but the company brings in a decent amount of money. That being said I want to get a mortgage and buy a house now.
So did i screw myself now, and have to spend the next two years showing enough income before I can get a mortgage?
Since i'll be taking a bigger income out than I need, what would be the smartest place to put that money into while waiting to put it towards my house. for example a roth or other investment account?
And about how much money would I have to show to get a mortgage for example a $300k house?