Hello bigger pockets people!
Having been self employed for some time now, I’ve kept poor records of earnings, and hadn’t earned enough to even file taxes.
Recently things have changed. I’m paid very well as a project manager for a residential construction co. in an extremely affluent demographic. Unfortunately, my needs have changed as well. Having rented till now, I find myself in a position where I must buy something to accommodate the health needs of a loved one.
So I earn consistently, and I earn a substantial amount, and my credit is in decent shape (680 with 4 years of flawless on time payment history) and can show it. But I can’t show previous earnings or taxes. I however, no longer have the luxury of waiting till I’ve had a chance to develop my financial background, as my needs for a mortgage have become immediate. I would greatly appreciate some guidance with respect to creative or non conventional mortgages. Could someone here be so kind as to point me in the right direction?
Thank you in advance!
Kristan have you made any phone calls to lenders yet? I would call a few locals and go in and sit down and show them your current pay stubs (I am assuming you are now a W2 employee with deductions taken from your checks). Explain your past self-employment. They will base affordability and DI on what you make NOW, not what you used to make. I think it's doable if you find the right lender and lay everything on the table.
Any chance of getting a co-signer with proof of income? Maybe the loved one who you want to accommodate, even if its just social security income or whatever income it might be?
Maybe try to find a seller who is willing to hold the mortgage? To motivate the seller, show him your credit score, current paystubs and you could offer a high interest rate because once you have your 2 years of income proof you can refinance into a low interest bank mortgage. Just make the seller think he will collect high interest for a long time. Just make sure contract doesn’t have any prepayment penalty.