719 Credit Score, Substantial Savings, but Intermittent Independent Contractor Income - is an FHA Duplex or Triplex a Possibility For Me?

FICO score alone cannot offset an income challenge. Today's lending environment requires that your "Ability to Repay" is properly analyzed and documented via tax returns, paystubs, etc. along with a review of your liabilities. Then your new, proposed mortgage amount is added to see if you qualify.The intermittent income isn't a deal breaker either. Likely, a 24 month average of your self-employment will be the foundation for calculating qualifying income.

As a 1099 contractor, your income is averaged over 2 years and is based on your tax returns (Schedule C). You may have to have a larger down payment to offset the average income lenders use but you also get 75% of the potential rent from the property to help too.

we have programs that verify gross income with bank statements, no tax return, this can often help qualify. Let me know if we can be of help.Ray Fisherray@calmortgage.net

I might add that besides averaging your income out over 24 months, perhaps a profit loss statement year to date, and looking at calculating income off of your reserves, a rent analysis will be made to help determine how much rent can be used to offset the PITI monthly payment on the new purchase loan. Having done enough loans for independent contractor, qualifying based on self employed net income can be challenging but quite possible.

We also do home purchase loans using cash flow for qualifying instead of qualifying you on your net income! That could be a primary or investment property.

I have a way to loan funds without using your income lindaonthego@outlook.com 602 330 1598