Updated over 4 years ago on . Most recent reply
Challenging Oregon Loan Situation - Who can make it happen?
Hey! unique loan situation in Oregon. My brother and I co-founded a software company in January 2021 and sold it July 2021. Part of the purchase offer was to become a W2 employee at $200k a year. The catch, I only have two pay stubs and my past income was only W2 at $70K a year. I am only interested in getting approved with my $200K income (housing prices). This would be to purchase an existing home. My brother was able to get a new construction loan (same exact situation) in Texas last week. I literally have an employment agreement and two pay stubs to qualify. Appreciate the help!
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Should be fine. You clearly have work experience in the same field and no gap in employment. Offer letter (employment agreement and paystubs in hand (assuming the paystubs support the 200K) you should be fine. I am assuming you currently have less than 25% ownership in the software company that you are employed. A mortgage broker license in Oregon should be able to make this happen I would assume.