Trying to get a loan with one year self employed !!

[Elvin Pena]

Is there a way to get a loan with one year self employed ????

[Mark F.]

@Elvin Pena

You're probably going to have to go with some kind of private money, portfolio money, or wait until you have at least 2 filed tax returns showing self-employment income. Most lenders do primarily Fannie Mae financing and the Fannie guidelines require at least two years of filed tax returns to qualify as self-employed.

If you can't qualify for Fannie Mae financing, then you need to do portfolio or private financing. As you're calling around, let the loan officer know right up front that you've only been self-employed for a year and see what they say. You'll know right away if they can help you or not.