Qualifying for a Mortgage and business structure

[SmartMoney]

Originally Posted by Archan

Thanks for the update. Finally, it seems there may be light at the end of the tunnel. I am hoping that I don't have to wait for two years. This 500 mile commute and living out of hotels is getting tiring!

You can get by w/ one year income if you are with a Freddie Direct lender (no overlays. Freddie allows one year income when self employed). The trick is, they need an automated approval. There are many direct Freddie lenders....none of the big boxes will do it, but several of the national, and many regional banks/lenders have it as well.

[thelopez2]

Originally Posted by SmartMoney

You can get by w/ one year income if you are with a Freddie Direct lender (no overlays. Freddie allows one year income when self employed). The trick is, they need an automated approval. There are many direct Freddie lenders....none of the big boxes will do it, but several of the national, and many regional banks/lenders have it as well.

I'm talking about non Fannie,non Freddie , specifically target self employed and in California, not nationally. Not sure about automated approval.

[SmartMoney]

I was not aware Freddie was still doing this until I changed companies. And then, finding someone that underwrites to the DU or LP IS another issue altogether.

Never has this industry been so complex.