I am an entrepreneur who has a house with a reasonably low mortgage. I would like to move to another town closeby. I still have a day job from a large company. I am afraid that as soon as I quit my day job (no more fixed income!), I won`t be able to get any mortage. Is it true? Any bank would help finance a house for entrepreneur?
Definitely talk to your existing lender or a new one. I used Chase and I loved them. I was self-employed. They do want to see some money coming in, plus if you have a spouse who works that may help.
I bought a house without declaring an income to the lender. I got a great loan based on my credit scores alone. You just have to have fantastic credit to do it that way.
So many loan criteria have changed in the past 5 months, you`ll definitely want to talk with your current lender.
I am dealing with this right now, and it isn`t easy.
Even if your business generates an income, there is no guarantee that will continue. You really need 2 years of good financial history to help remove most concern from the banks. If you don`t have that, you can look into a low-doc/no-doc loan, though these tend to have much higher rates. You can avoid a lot of issues if you can put down 35%. And as someone said, great credit is very helpful, though now it no longer seems to override the need for consistent income.
Best of luck,