# Anyone have success getting a loan?



## Joe617 (Nov 16, 2016)

My wife and I are trying to get a mortgage and are being told my Uber income can't count because it's considered self employment. Anyone have success with this? Recommendations for lenders that will work with this?


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## LAuberX (Jun 3, 2014)

http://www.churchillmortgage.com/?g...fFw24S_YGN-ehAz0ZkyVI9fYf-z-5ElcrdRoCoLHw_wcB

Dave Ramsey is always saying you don't need a fico score, just an income. I never made any money with Uber, nearly a loss... so no "income".

If you have tax returns showing a qualifying income for the past two years you should be able to get a mortgage.


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## BostonBarry (Aug 31, 2015)

Most lenders won't count any self-employment income until you can prove 2 years worth of income at it. I actually got denied for a disability insurance policy I applied for because I couldn't provide 2 years worth of income. but they said I can reapply after I get my second tax return done, which will be in February.


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## Joe617 (Nov 16, 2016)

Guess we're in for a long wait then since it's only been 6 months or so with Uber...


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## tohunt4me (Nov 23, 2015)

Joe617 said:


> My wife and I are trying to get a mortgage and are being told my Uber income can't count because it's considered self employment. Anyone have success with this? Recommendations for lenders that will work with this?


Uber is so unpredictable.
Rate changes,ratings,vehicle age requirements. The landscape is always changing.


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## Newdriver123 (Dec 7, 2016)

Where are you located? If you have been employed with no gaps for longer than a month for 2 years and file your taxes next month to report your earnings you can do a 10% down Freddie Mac conventional loan and use the income. You have to show the full 2 years employment before you started driving uber but you should qualify for limited review using 1 year of tax returns for qualifying income purposes if everything makes sense. I'm a loan officer just starting with uber part time in NY for some extra cash


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## Fuzzyelvis (Dec 7, 2014)

Joe617 said:


> My wife and I are trying to get a mortgage and are being told my Uber income can't count because it's considered self employment. Anyone have success with this? Recommendations for lenders that will work with this?


I bought a house self employed but I did have to give them 2 years of tax returns showing PROFIT. They definitely look at it a lot more closely.

By the time you deduct mileage with uber there's little to no profit in most markets. I wouldn't want to be trying to get any sort of loan with only uber "income".


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## Newdriver123 (Dec 7, 2016)

Fuzzyelvis said:


> I bought a house self employed but I did have to give them 2 years of tax returns showing PROFIT. They definitely look at it a lot more closely.
> 
> By the time you deduct mileage with uber there's little to no profit in most markets. I wouldn't want to be trying to get any sort of loan with only uber "income".


That's 100% correct, you need to show a profit. It really comes down to how you file and how much you are willing to pay in taxes to use the income that you need to get the house. Here in NY people have what we call matress money and will take a hit for a year on taxes in order to qualify for the loan that year. Just depends on what you can afford and are willing to do. Its all about DTI ratios and credit scores so you need to file enough income to qualify for the homes PITI and all other minimum credit related loans like your car or credit cards, school loans etc... If you can take your gross combined income and divide it by 12 to get your monthly and all your debts with the home included end up under 47% you'll be fine for conventional. 50% for FHA...


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## sfodriver (Nov 19, 2016)

As others mentioned: 2 years is standard for self employed workers. That is, the lender will want to see tax returns for the previous two years.


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## Brian G. (Jul 5, 2016)

Fuzzyelvis said:


> I bought a house self employed but I did have to give them 2 years of tax returns showing PROFIT. They definitely look at it a lot more closely.
> 
> By the time you deduct mileage with uber there's little to no profit in most markets. I wouldn't want to be trying to get any sort of loan with only uber "income".


Why not? People take out a mortgage all the time and end of going bankrupt and these people hold degrees. I say **** it and take out a mortgage of 400k if you can make the payment.


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## mspear1492 (Dec 3, 2016)

its tough out there for an uber driver, took me forever to find an apartment


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## Redtop (Oct 20, 2015)

The term "Uber income" is an oxymoron.


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## Oscar Levant (Aug 15, 2014)

Joe617 said:


> My wife and I are trying to get a mortgage and are being told my Uber income can't count because it's considered self employment. Anyone have success with this? Recommendations for lenders that will work with this?


Find another lender, a lot of people who own homes bought them while they were self employed. 
I just bought a car, no problem with showing them my deposits on my bank acc0unt, which they accepted in place of a 1040 tax form.


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## Xlady (Nov 10, 2016)

Im glad you posted this .This is really important .It was hard finding even an apartment with this income only ? Anyone in Califorina having the same problems with this income .It really takes 2 years ?


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## Maksim (Nov 19, 2016)

Getting a loan will be harder but not impossible. You have to work with a competent mortgage broker who knows the various lending programs available and who work with business owners. 

Let me know if you need any recommendations, shoot me a pm.


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