Quote:
Originally posted by red-beard
We had to go "No Doc"/Stated Income when we moved to Houston, because my wife's busniess had been operating less than 2 years.
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I was in the same boat in 1999 when I bought my house. I left a regular job, and started consulting in 1998 making more money then I had ever made before. But when I went to buy a house a year later with only 1099 income I had to go sub-prime. I could even prove that Jan-Sep 1999 my income was higher then all of 1998, but for a sub prime loan with 20% down they didn't care. A year later when I had two years as a consultant I re-financed for a lower rate.