I am considering quiting my full time job and becoming a self employed contractor (basically doing the same work but getting paid more!). In the next six months my wife and I will be also looking at applying for a new home loan.
I would be able to show my income from the previous two years (as a permanent employee), but probably wouldn't have much history from being self employed. My wife has a normal full time position so her income would be also be considered.
For the loan amount, my income would need to be included.
Does anyone have any insights? Is self employed automatically forced to do a "low doc" loan? Or can self employed get a full doc loan?
Thanks,
Jason
I would be able to show my income from the previous two years (as a permanent employee), but probably wouldn't have much history from being self employed. My wife has a normal full time position so her income would be also be considered.
For the loan amount, my income would need to be included.
Does anyone have any insights? Is self employed automatically forced to do a "low doc" loan? Or can self employed get a full doc loan?
Thanks,
Jason