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I have large portfolio but low income. Found a house but can't find a mortgage based on my low income. I am an LLC.Need mortgage

by PBlank3124371 from , California. May 9th 2015 Reply


Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,243 contributions

much more difficult to finance in the name of an LLC, especially if it does not show income.

May 9th 2015
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Ralph Richard Guertin (ralph@absolutelowrates.com)
#136 ranked lender in Florida - 796 contributions

There is asset depletion program, the LLC part might be an issue but we need more info

May 10th 2015
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Pete Bass (PeteBass)
#30 ranked lender in Connecticut - 476 contributions

You would need to speak to your loan officer of choice in more specific terms.Depending or how your tax returns are filed and what expenses are taken on your returns there may be an opportunity to add back certain expenses that may adjust your income on a qualifying basis. Your loan officer will be able to take a look at your last 2 year Federal Tax returns ( all schedules) and see if you qualify. If you have substantial liquid assets there may option through "asset depletion " program.For more info e-mail me at pete.bass@everbank.com

May 10th 2015
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Cody Bellah (cody@communitymortgagekc.com)
#17 ranked lender in Missouri - 76 contributions

That's going to be tough being in a LLC. You should maybe try a private bank that does portfolio loans.

May 11th 2015
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

You have options, but you need a HIGHLY QUALIFIED loan officer to help you.. there are conventional loan products which allow "Asset Depletion" which allows you to use a regular monthly disbursements from a large, professionally managed brokerage account as income for qualifying purposes.. Most loan officers have never done one of these loans, and you will have nearly ZERO success if you walk into a local bank and ask about it.. so your best bet is to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

May 11th 2015
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