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I thought I was going to have to apply for a car loan in order to get a truck large enough to bring all the paperwork they wanted for my home loan down there. I think I may have had an easier time getting clearance for transporting WMDs.
The great part is that the loan officer never once asked me what my wife did while I was getting all this paperwork together. Then, after bringing in 1099s from the last 5 years, commission reports, expense reports, profit loss statements, etc from by business, it turns out that for the amount I was trying to borrow my wife's income (not self employeed) would have been enough to qualify us. All I really needed was her last 2 years W2. Brilliant.
The lending officer I talked to was a complete idiot, gave me terrible financial advice which I didn't listen to, and kept encouraging me to borrow more money, make less of a down payment, and buy CDs from her bank instead. If I didn't have a pretty good understanding of finance, and wasn't married to a CPA, I could see how people would get talked into bad decesions. |
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Try being self employeed! New 
BoaterTalk 
