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Hi could u give me a simple answer to this?.. i have been self employed for 2 years and i am becoming employed in a months time but looking to get a mortgage around Christmas, i am working with the same people i was self employed with and will have 2 years books in September and a guaranteed job for the next 2 years onward without fail! my partner has held his job for 5 years with a steady income so no problem there, also we are looking in to the first buy thing for a 5% mortgage
Thank you Rachel and Chris
Asked
10 months ago
Anonymous
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Dear Rachel and Chris,
Congratulations on making the choice to purchase a new home. Depedning on your full loan profile, this situation is one that should be fine. Official rules are two weeks employement but the longer the better. Around Christmas time seems ideal. Please feel free to contact us below.
Frongillo Team sfrongillo@pbandtmortgage.com 239-288-7063 Lending in every state!
Hello,
You’re certainly going the easier direction (self employed to employee) rather than the opposite (going from employee to self employed). IF you will be on a salary, or consistant hourly wage, you should be fine with a month’s worth of paystubs and a lender’s verification of employment, particularly if you’re working as an employee of a “regular” company, rather than an individual, etc.
Best thing to do is to get prequalified and have a lender examine your credit report now for potential issues while you have time to address them. Feel free to shoot me an email or call.
Thanks,
Ted Rood ted_rood@yahoo.com 314-740-0004
If you have (or can get) a written offer from your employer confirming your salary or terms of your employment (wage, projected hours/wk), it may help back up the paystubs and employment confirmation your lender will eventually do.