Has anyone qualified for a mortgage based purely on the basis of free agent income? What did it take by way of qualifying proof, and how much did you get approved for and at what rate?
I haven’t really tried… just assumed based on the gig economy grapevine that it’s impossible.
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Do you have multiple years of it, or is it more recent?
IIRC, I could use LLC tax returns from the last 2 years as proof of income, so long as there wasn't a major dropoff.
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Yea, I was able to qualify for a mortgage a few months after leaving my W-2 job. It was a PITA, and I was fortunate to have had a little history in my LLC from side gigs the previous years.
With 10 years history, I think you'd be in good shape.
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US Bank.
I tried a few local ones to look at non-confirming loans in case I couldn't qualify the income, but rates were way higher. Like >5% vs. the ~3% that I ended up getting.
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Another weird issue I had is I couldn't use money withdrawn from my business within 60 days of closing as they were worried I would impair my business, even though it's a consulting business with 0 cash needs.
So if you keep free cash in business, may want to withdraw it sooner.
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