“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

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Good morning Joe. Your multiple sources and years of experience give you a big advantage over banks! Enjoy your day!

Posted by Wayne Martin, Real Estate Broker - Retired (Wayne M Martin) 26 days ago

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