Updated over 9 years ago on . Most recent reply
Buy our first home/self employment mortage qualification
Hello All,
My wife and I are taking the first step in our real estate journey and buying our first home in Tampa FL. We have about 10k saved and will be taking advantage of the FL down payment assistance program and looking for a place in the 150k-175K range. I have a few questions about loan qualification. I am self employed, I work in the entertainment field as a Lighting Designer and most of my work is 1099. My wife has w2 in come but just started her job a week ago, but it is in the same industry that she has been working in for the past 8 years. What do I need to bring the loan officer in terms of additional documents other then last 3 years of tax returns to show my income as a freelancer? We'll be doing an FHA loan of course and I am wondering if we'll have any issues getting qualified especially with my wife just starting a new job? She is making more then she used to and I did read on the FHA website that there is a 2 year employment requirement but as a long as its in the same industry you've been working it, it doesn't matter if you've changed jobs recently. What else will I need for this to be a smooth and seamless transaction to get qualified so I we can start going to see homes. I appreciate all your constructive feedback!
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get a hold of @Jerry Padilla on here...