Buying house after recently starting a business can be tricky. Most lenders are going to want to see at least 2 years of business tax returns in order for you to be considered for a home loan. There are certainly opportunities outside of this but the tried and true rule is 2 years tax returns. So what are some other options or opportunities:
Just because you took a chance to start a business doesn’t necessarily mean you are in the dark when it comes to purchasing a home. It might just require some creativity on the behalf of the bank and the loan officer. Circumstances like the ones described above are rare but certainly possible with the right lending institution. If you are self employed and thinking of purchasing a home soon you should contact several banks to see who might be interested in helping. As mentioned, some are certainly better than others. You have to do your homework to get the deal that’s best for you.
Zach is a Mortgage Advisor with State Bank in Dublin, OH. He writes and speaks regularly on the mortgage industry, personal finance, business development, and leadership. His focused approach on educating clients through the mortgage process allows him to help hundreds of new homeowners each year.
Learn more about Zach at www.mortgagecoachzach.com, find him on instagram @mortgagecoachzach, or call/text him at 740-398-4917.