Home Loans Are Difficult for New Business Owners
Well I had a slight set back today. I when to www.annualcreditreport.com today and ran my credit report and found that I have a credit score of 831. I got a bit confused when browsing the site so through all the confusion I failed to select my FICO score with my credit score package. Anyway, feeling shorthanded, I called Steve Garcia from Wells Fargo Hawaii and report my credit score.
To give all of you some background information on myself, I have been doing web development/search engine marketing here in Hawaii for the past 5 years and just recently spun off my own Hawaii SEO company in February of 2007. According to Steve, self employed business owners normally need to provide two years of tax return documents in order to verify their income. Being that I’ve been in business for only one year as of a few days ago, he recommended that if I tried to get a home loan now, I would most likely be denied. This is tough to hear because most of the realtors at Prudential Locations (Hawaii real estate specialists) have been telling me that it’s a great time to get a home loan because of the extremely low interest rates. However, because of my current employment situation I’ll have to wait between 9-10 months before attempting to get my first home loan.
There are some disadvantages to running your own business, this is one of the prime reasons, but I’ll try to have a breakout year in 2008, make a lot of money and attempt to save most of it!