“Self-Employed Challenges”

“Self-Employed Challenges”


Hi Joe,
Thank you so much for your help with the house!! I will include this in my letter, but I just got my check for the month of June from the private practice. I took home $11,800.00. Why in the world would I stay at the hospital job for $4,100.00 per month, just to get a W2 at the end of the year? At that point, a lender would tell me I didn’t make enough to buy a house. I appreciate you helping me make sense of all of this.
I really appreciate my Realtor referring you!
Andrea


It’s tricky when clients looking to obtain a mortgage give us their w2 income and move to 100% self-employed income, even when making a lot more money.
The bank that Andrea interacted with failed to ask if she previously had already claimed any self-employed income, which she had been for two and a half years. The guidelines normally want to see 2 years of self-employed income.

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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

Comment balloon 1 commentJoe Petrowsky • September 29 2020 01:08PM
“Self-Employed Challenges”
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“Self-Employed Challenges” Hi Joe, Thank you so much for your help with the house!! I will include this in my letter, but I just got my check for the month of June from the private practice. I took home $11, 800. 00. Why in the world would I stay at… more
“What do You Think We Should Do? ”
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“What do You Think We Should Do? ” It seems every time we get into issues with our mortgage you seem to come up with a solution. Mary and I have both been out of work for a number of months even before the virus. I am now back to work, but we… more
“How about some NC Trivia? ”
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“How about some NC Trivia? ” Babe Ruth hit his first home run in Fayetteville on March 7th, 1914, and the first mini-golf, or Putt Putt course, was built in that city. Sweet potato fries saved that industry, and North Carolina is the largest… more
“I Can See this Truly Happening”
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“I Can See this Truly Happening” Hospital regulations require a wheelchair for patients being discharged. While working as a student nurse, however, I found one elderly gentleman already dressed and sitting on the bed with a suitcase at his feet,… more
“God is Blessing Us”
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“God is Blessing Us” Hi Joe, Matt’s parents just offered to pay $8k towards closing costs! 😲 We are so blessed and so thankful! We had been planning on using the money that we got from the sale of this house to pay for the closing costs so… more
“Who Said You Won’t Qualify? ”
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“Who Said You Won’t Qualify? ” Hi Joe, I just got a call from a very excited buyer! Thank you for taking care of her. She had called regarding a hobby farm to see if they could rent it. I asked why and she said she thought she wouldn't be… more
“Yes, We Want to Take Out additional Cash”
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“Yes, We Want to Take Out additional Cash” Hi Joe, I can’t believe our home came in at $474, 000. When we did the mortgage application I had estimated $420, 000, so the appraisal number was a wonderful surprise. So, I want to go back to the… more
“Getting Married”
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“Getting Married” Jacob age 85, and Rebecca age 79 are all excited about their decision to get married. They go for a stroll to discuss the wedding and on the way go past a drugstore. Jacob suggests that they go in. He addresses the man behind the… more
“Starting a Business and Getting a Mortgage can be a Problem”
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“Starting a Business and Getting a Mortgage can be a Problem” Hi Joe, I have a question for you. I don’t want to mess up my pre-qualification, so I’m coming to you first. I plan to start my own business but am aware that I need to keep my… more
“Buying a Second Property”
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“Buying a Second Property” Hey Joe, I will wait a few months but then I want to start brainstorming ideas on how to get a second property lol. I will need your help once again. Mind boggling to me, my mortgage payment is $1756 a month and my… more