Posts

Six Home Loan Tips For The Self-Employed

/in ,
Applying For a Home Loan as a Self-Employed Business Owner There was a time when lenders would accept whatever income you put on your application as accurate and true. These were called “stated income” loans; for many obvious reasons, they no longer exist. There were also loan programs where the lender would accept a record […]Read More

Qualifying The Self-Employed – The Good, The Bad, & The Ugly

/in ,
Self-employed borrowers can still qualify for mortgage financing, and in some ways they actually have advantages. THE GOOD Self-employed borrowers qualify with previous years’ tax returns, which fortunately will not reflect any slowdowns which might have occurred b/c of the COVID-19 crisis. Self-employed borrowers can qualify with 2018 and 2019 tax returns, or with 2017 […]Read More

Myth: Self-employed Borrowers Need 2 Years of Income; 1 Year Often OK

/in ,
We often have borrowers with ample income but who only recently became self-employed. For example, we have a young Realtor who is doing extremely well this year but had no self-employment income last year (in 2013). We also have many borrowers who go to work for companies in which they own over 25%, effectively making […]Read More