Self-employment and FHA loans

[Jennifer J. Allran]

I have been self-employed in healthcare for 3 years, but in the industry for 15. My business deductions greatly reduce my tax burden, but also my income on paper. However, my actual take-home income is much higher than what tax records would reflect. How is self-employment income considered for FHA loans? My credit score is 830 and I have 10% to put down in my price range.

[Laura Shinkle]

@Jennifer J. Allran definitely talk to lenders who can do bank statement loans. Also, don't restrict yourself to just FHA. Conventional is an option with 10% down payment and is sometimes (usually in my experience) the better option.

Buying land and building is definitely a different ballgame. I would recommend taking some time to pause and remember what your goal is with buying the home. Make sure your path matches the goal.