Newsflash: Home buying with inconsistent income history (TN,USA)

Recently I’ve been thinking about purchasing a home now that I have a good, secure source of income. Credit score is around 750+, and I’ll have a good amount saved up for a down payment by the time I look to buy. However, in my research I’ve seen that mortgage lenders like to see 2 years of income history. In my case, I graduated college a little over 2 years ago, worked retail part time while working freelance in my field (audio engineering) till the end of 2017, and since January 2018 I’ve been working a fulltime job in my field while doubling my income from my free lance business.In effect, I’ve gone from making 15-20k a year in 2016/17, to on track to make 50-60k this year (32-35k fulltime depending on OT hours, 20-25k from free lance). Median income for my area is 38k.I plan to start the oficial process in June (having saved up a down payment), with a goal of purchasing a house in July-August. Will lenders consider my income history too limited and risky? Should I keep renting for another year or two to build up a better income history? I keep track of my freelance income on a month to month basis, but is there anything else I can do to make it look ‘safe?’ I know it doesn’t look as stable as a salaried position, but the income from my freelance is very steady with no expected slow periods.

Read more at https://www.reddit.com/r/RealEstate/comments/8g3mvg/home_buying_with_inconsistent_income_history_tnusa/?utm_source=ifttt

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s