How long do you have to wait to qualify for a home loan after starting a small business?

Answer 1

Your question,unfortunately, will not receive a straightforward answer in the respect that there are a number of different scenarios that possibly could apply to you. Depending on your credit score, how much money you plan on putting down, the fact that you just started a new business may not matter. Being a mortgage lender I have seen and done loans for this type of scenario. But, my borrowers were putting down in excess of 10% and had excellent credit scores. I did what we call a "NINA" "no income no asset" verification loan. There are also "stated income" loans that you may very well qualify for. They are the type of loans where you just "state" your income and don't have to supply any documentation to back it up. The only issue with this type loan is that alot of the times, you have to at least prove that you've been in the same line of work for the past two years. Hope this helps. Most lenders want to see two years tax return. BUT there are several programs out there that after 1 yr and with scores over 720, you can qualify for a mortgage. NINA-no income no asset (you don't have to verify your income or your assets). This is one program for the self-employed. Again you would be best suited to find a reputable mortgage broker to help you with the different programs and see if you qualify. Different lenders have different qualifications, using a broker would give you the availability of finding such a lender without having your credit pulled too many times and lowering your scores.