When looking into buying a house, another factor that one should consider is employment. Our guest contributor Jeremy Wilhelm, explains further why it is important.
New lender requirements are continuously changing so it is important to know how your employment can impact purchasing a new home. If you are recently self-employed you’ll need to have two years tax returns before you can use this as income to qualify for a new home. It is also important for self-employed buyers to work with a good CPA. Many times clients come in and their accountant has figured their returns where they don’t pay much in taxes but they also don’t show any income for me to be able to qualify them. If your primary income is hourly or salary and you have a history of being in that field of work there should be no problems. If your income is commission based; this is something we also look for a two year history so we can use an average of that income.
Jeremy Wilhelm is a Mortgage Planner with the Mortgage Private Group. To contact him, please visit:http://www.theprivatemortgagegroup.com/jeremy