Buying a Home While Being Self Employed For One Year

How long do you have to be self employed to obtain a conventional mortgage?

Most people think that you need to be self employed for two years. This coincides with the guideline for Fannie Mae, one of the two government agencies that makes the guidelines for conventional mortgages.

The shortest amount of time needed to be self employed is twelve months with a Freddie Mac Home Loan. Freddie Mac is the other government agency that people forgot about.

If your bank is a Freddie Mac lender you will need to provide one year of federal tax returns and a profit and loss to where you are currently in the year.

To answer your questions please call me directly, for immediate assistance.

Phil Ganz (117 Posts)

Philip D. Ganz is a Boston Mortgage Broker and Boston Home Loan specialist. For information, expertise, consulting, or advice about home loans, refinancing mortgages, or commercial property loans, contact Phil with no obligation: 617-529-9317

Leave a reply