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recently self employed can I get approved


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We are thinking of applying for a used mobile home and land. Since all of our charge offs are 5 and 6 years old and we recently paid off a loan and are paying as a greed on another auto loan, I am hoping that the bad credit won't be as much of a problem.

I'm now wondering if since my husband switched jobs several times in the past year and 2 months ago became self employed, if that will cause a problem?

Will not having a steady work history affect our ability to get approved?

Will the combination of this and the old bad credit be enough to get a definate no?

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Lenders want to see 2-3 (depending on the lender) years of being self-employed before they'll count that as income. Part of the reason is that self-run businesses usually fail within the first 2-3 years. The only option is to do a no-doc loan, but I've only seen full doc loans for manufactured homes.

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To answer your question, there are lenders that will accept bank statements as income, and if your husband is in the same line of work that he has been for 2 years, that might work. If he worked at this new venture for a few years before going full time, that might also work.

Not your question, but important. For your, or anyone's first home, I would suggest that you purchase a "stick build" or modular home to start off. Manufactured homes that are actually mobile homes, depreciate in value. There are a number of lenders that will lend for a mobile home that is attached to the ground with a foundation and are taxed as real property, but long term you are much better off with a stick built.

Charles

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