I'm looking for advice on finding the right lender, or wondering if maybe we're just out of luck until our circumstances change.
Between my husband and I, we don't have a two-year job history, but he is full-time permanent and I am self-employed, so they are only using my husband's salary to calculate the pre-approval. (details below)
I'm wondering if there are lenders that would be better to work with from a self-employed perspective, or if they're all going to view us the same way?
My husband and I live in New Jersey (HCOL, high taxes), and the loan we are in the process of getting pre-approved for is really limiting our options. We are limited to looking at properties under $325k, probably closer to $300k, in a market where most single-family starter homes are $375k to $400k minimum (and still need work), and condos and townhomes in our price range get snapped up really fast, if they're available at all.
The background, for context:
This is a huge hit after we were approved for a house up to $450k last year. But since that first pre-approval, I left full-time salaried work for self-employment.
My husband was laid off in August 2020 after 2.5 years at his company. In February 2021, he found a new job in a new industry. At this point, he hasn't reached the two-year job history in his current position. The lender said he could have tried to stretch it if his old job had similar duties, but there's really no overlap.
I have been in the same industry since January 2012 - nearly 11 years. In February 2022, after 2.5 years at my last company, I left to start my own freelance business, and I've been over 100% booked the entire time. Even my conservative projections show me making more money in the first year than I did at my salaried job, but I am told this doesn't matter without tax returns to back it up.
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source https://www.reddit.com/r/RealEstate/comments/wy7frd/tips_for_getting_preapproved_when_selfemployment/
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