New owner operator and buying a house

Your funeral, pal. Such uncertain times, I wouldn't do that in good times. I did it wrong 20 years ago, and learned, never combine home and business.

 

For self employed, banks need 2 years of tax returns showing your income plus two recent paychecks.

Before purchasing a house make sure you get a mortgage broker who knows what they are talking about, ask them the requirements for each type of loan you want and if you can’t meet the requirements don’t do it.


Be a company driver save and build up your reserves. Start next year or when this Kung Flu bs is behind us.

 

If you're on PUA or other forms of unemployment you won't be eligible at all. Why would a bank lend you so much money when you aren't even generating revenue and/or employed? I know all this because I just went through it all personally. I'm currently living in a rental because the Feds decided to change the lending rules in the middle of the game. Pretty cruddy IMO. I was very shocked to learn that 99 percent of ALL mortgages go through the Feds. They have a monopoly on mortgages. So much for the "American Dream" when they take away all your options.

 

You never put your house up for anything.

 

My thoughts?

stay a company driver and rent the house from the new buyer.

I can’t see how you would even qualify for a home loan being unemployed, credit isn’t that loose.

 

I just bought a house... Banks dont like to do morgages with anyone who is paid "piece work" (cpm) without at least 2 previous years of W-2s at said employment.

As previously stated, bankers dont understand trucking at all... I happened to luck out and my Loan Officer is a personal friend, whos husband is a Trucker. And they previously owned thier own trucking company and ran it together... That came in very handy as she knew how to get underwriters to calm down about my employment.

 

Consult someone ( pay a professional) who specializes in financial planning to give you an objective answer.

 

Make it easy and go buy a double wide. 1969 model for $2,500

 

Get a rent-to-own home. Most real estate agents can guide you through that. I looked at that myself at one time. Friend of mine did it and years later still has no regrets.
Keep the home and trucking finances separate; this way your home and family are secure. Might lose the trucking business, but not the home. Of course, hope your trucking business is successful, but sometimes things happen we can't prevent.

 

You forgot to tell them you’re an essential worker, without you, the doctors couldn’t work, no one would bring them their masks or oxygen tanks to the sick on respirators.