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new business start-up can we get a mortgage?

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traceyD_68 Joined: 22 Jun 2011 Posts: 1 1.30 Dollars($)	Posted: Wed Jun 22, 2011 5:13 am    Post subject: new business start-up can we get a mortgage? Like 0 Dislike 0 Hi my husband recently started a new business and we have decided to move to my husbands home town and sell our current home. How can we get a mortgage seeing how his business is brand new?
chrisgummerson Community Expert Joined: 29 Apr 2010 Posts: 704 Location: La Palma, CA 9.98 Dollars($)	Posted: Wed Jun 22, 2011 8:15 am    Post subject: Like 0 Dislike 0 If you do not have 2 year same line of work history, you will have a tough time finding a loan. Lenders want 2 years work history in the same line of work, so if you were a w2 employee working for one industry and started a business in another, it will be even tougher. Since you are just starting the business, you can either wait the two year mark, or talk with some private lenders who will require 35% down payment. Also, keep in mind that business get bad advice from tax preparers who state that they can pay less in taxes by writing off expenses. When a lender looks at your income, they will use the adjusted gross income off your 1040's. So if you make 100k, but write off a ton of expenses and your adjusted gross is 45k, the lender will use the 45k, not the actual amount you made...Good luck _________________ Chris Gummerson Bay Valley Mortgage Group bayvalleymortgage.com 714-367-5125
Tracey Guest	Posted: Wed Jun 22, 2011 9:00 am    Post subject: getting a mortgage with a start up Like 0 Dislike 0 Thanks so very much for the input. My husband is going from a SVP marketing position to his own marketing consulting business, we have the same income for the next 7 months as he got a payout when he left, as well he has two clients that will produce the same income as his job did in addition to his package deal. We have no credit card debit, one small car loan and small student loans...all totaling 500 per month payments plus our current mortgage and we have two people interested in our current home. How do you find private lenders? Tracey
chrisgummerson Community Expert Joined: 29 Apr 2010 Posts: 704 Location: La Palma, CA 9.98 Dollars($)	Posted: Wed Jun 22, 2011 9:16 am    Post subject: Like 0 Dislike 0 What state are you in? _________________ Chris Gummerson Bay Valley Mortgage Group bayvalleymortgage.com 714-367-5125

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