What if I am self-employed or I dont have a two year job history?
Self-employed borrowers are evaluated on health of their business as well as their personal credit, so most lenders require about a two year business history. If your employment history falls short of two years, you may still be able to get a loan if the lender feels you have enough compensating factors. Compensating factors can be a large down payment (20% or more), substantial spouse income, large asset reserves, excellent credit history, etc. There are no hard and fast rules regarding compensating factors. Their ability to offset a short employment history depends on each individual situation and lender guidelines. I need a mortgage loan to buy a home but I do not want to disclose my income to a lender. What are my options? Many people, particularly those that are self-employed, do not want to disclose the financial details of their business/income. Many lenders will offer low-doc or no-doc loans to individuals who require such privacy. A low-doc or low documentation loan requires t
