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My fiance and I saw a home we loved and decided to go ahead and start the home buying process. We submitted a pre-application to see where we stand - excellent credit, low debt, perfect buyers in the eyes of lenders according to the mortgage officer. Here's the difficult thing, though. My fiance works for a family business. He has been employed by his dad for about the last 10 years, mostly on a PT basis but FT in some years. The past two years he was in school and hardly worked so his income over those two years doesn't reflect what he should make this year and beyond if he continues to work for his dad.

The MO said there's three things that could cause some difficulties for us in the process.
1. His income over the past two years isn't an accurate reflection of the present time
2. His work may be seen as seasonal in the sense that his hours are often determined by the time of year - winter is usually slow, so he typically averages 25 hrs per week, but summer he may avg between 50 and 60
3. The fact that he works for a family business is an issue to many lenders.

The MO said she can't be 100% sure about things given the current climate, but she is highly optimistic that this will get done. We just might have to jump through a few more hoops. Is this going to be a big deal? What should we expect during the process?

I'm hopeful, but extremely nervous too. I hope his job won't kill our chances. I don't qualify for the amount we need based on my income alone.

Karmapolice · Joined: 13 Feb 2011 Posts: 20 3.50 Dollars($)

I think that it should go fine, and i do see why they would not like loaning to a family business, I think that you have pretty good answers to the questions they asked and you should be fine, and you also have good credit.

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