Updated almost 7 years ago on . Most recent reply
Stable income requirements for home possible
Hello bigger pockets just a quick question regarding home possible loans. I am currently 23 and a self employed contractor and have been for 4 years. My father is also a self employed contractor and we are considering merging the businesses and having me put on a flat salary. Was wondering if home possible requirements consider this a career change? In other words would the 2 years of stable income requirement be reset just because I was doing the same work but for a different company? If it’s relevant I did not show much income for 2015,16,17 due to write offs but will show substantially more for 2018.
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@Kevin Wareham If 2018 will be the fifth year of the companies existence, then a lender should be able to qualify you by just using your most recent (2018) tax return for income calculation.