Employment Income
W2 Employment Income
Most lenders require a 2 year employment history in the same industry/job field.
Generally you need 2 years of W2 income (there are some exceptions to this rule).
If you are a student who recently graduated college and recently obtained
employment in the same industry you
completed college the 2 year rule may be
waived. You can use your schooling to complete
the two year work history requirement.
For example- Nurse, Doctor, Dentist etc.
For example- Nurse, Doctor, Dentist etc.
Self Employment Income
Generally, you need 2 years of self-employment income.
If you have been self employed for over 5 years you may qualify with one year of tax returns instead of the normal 2 year average.
If you take write offs on your tax returns and show negative income please call for a one on one consultation for further assistance. You still may be able to qualify for a home loan, but your taxes will have to be reviewed line by line to see what income on the taxes can be added back in to help you qualify for a home loan.