Self employed first time home buyer FHA?

Tips and Deals Forums Buying Your Home Buying Your Home Self employed first time home buyer FHA?

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      Anonymous
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      Ok so this comming Jan. I will be filling my 3rd year income tax report for my company. I make approx. $ 65,000 and my Fiance and I hope to buy a house. She also works and makes aprox. $ 30,000. My question is this, I hear how easy it is for first time home buyers to get an FHA loan. But I hear people say that since UI am self employed it is much harder. Both of our scores are near 700.. Say 680 or so. I have never missed any payments or anything of the sort. I have approx $ 30,000 in student loans, which my father pays half every month, and I pay the other half. Last year the business made $ 10,000. Can we qualify for a home in the $ 240,000 or less range in NJ? I know not all the details are here, but if more is needed for me to get some help I will reply. Im getting very frustrated. I talk to some brookers who just seem like crooks and then others says since your self employed bla bla bla. I want to do a conventional mortgage. No “No-doc” loan or anything. Will have approx. I would only like to put down $ 20,000 or a little more for a downpayment.
      This is my net income.. it possibly may be $ 70,00 or more depending on how this month in business is….so do you think were ok? or not? I know of people who are both in their first year or work, one a teacher one a cop and their combined income is about 70,000… how is this possible and we can not?
      But I will be using my tax returns for verification, what about my fiances income of $ 30,000 a year? Thanks

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