I'm looking to buy my first house and looked at a house a few days ago that I love and was told it was eligible for a USDA loan. I hadn't thought about a USDA loan before but I looked it up and it sounds like the best option. My main concern with a conventional loan was my employment history. I have good credit, my score was 728 the last I checked, which was about a month ago. I have no debt. I recently graduated from college and have a degree in Early childhood Education. I was in school from September 2010 until February 2012, during which I was renting an apartment. I started my job in August 2010, but am self employed as a nanny and was just working random days, not making much due to school, so I didn't claim the money on my taxes that year (2010). In January 2011 I started doing my schooling online so I began working more and claimed that money on my taxes in 2011. I also started a part time job in August of 2011. I graduated in February of 2012 and started working even more, almost double, at my nannying job, and recieved a large raise due to getting my degree. So I have been self employed for just a few months shy of 2 years, but the first few months I didn't claim on 1099s, although I didnt make enough for it to be required. But, I can easily get a VOE from both jobs.
My current total yearly income is:
self employment: about $10,000
part time hourly job: $6,000
My main concern is with my pay raise. Will I be able to prove that my self employment income has steadily increased by providing bank statements of my weekly depeosits? Or will this not be enough?
The house I am looking at is in Ontario county NY and is $54,000.