Mortgage approval with fluctuating income
I know nothing about mortgages so I’m asking this. I moved from California to DC and while the properties here are a bit more affordable I don’t see myself retiring in Washington. I went on a trip to Bristol, Virginia and the real estate prices there is a good fit for my budget. I plan to apply for a 502 loan but I am worried that I won’t get approval since my income fluctuates although it’s still within target ranges. I have excellent credit and no debts. I’m single, 49 years without kids, and would just like to live in a scenic, low-cost living area with a moderate population. Any thoughts? by wsnyder825 from Washington, District Of Columbia. Nov 16th 2021
Since you will be applying for a small business loan I will assume you are self employed, which requires us to qualify you using income shown on 2 years of tax returns. However, if you have been S/E for at least 4 years the automated underwriting system may ok not require your most recent years tax return. There are many loan programs which may be beneficial for your financing, so always best to become Pre-Approved for financing before shopping for a home in Bristow! I'm happy to help so call me. Scott Kinne - First Heritage Mortgage - 571-237-6241 - NMLS ID 182351
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