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self employed but have great income (80k+) and excellent credit score. Any lenders able to help?

by designfx209 from Los Angeles, California. Mar 3rd 2016 Reply


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

Much more info needed.. SE borrowers are not a problem.. typically, it's the tax returns.. Lenders require 2 years for SE borrowers, but there is a program that allows for one year so long as your business was open for a complete 365 day year.. Another problem with SE borrowers is that lenders use your income after deductions for qualifying purpose.. you could bring in $1,000,000 a year, but if you write off 99% of that income and only show $10,000 a year, then that's what the lender will use for qualifying, and more than likely, you wont qualify for anything.. For this reason, if you want direct answers and direction on whether or not you can qualify, you should 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 NMLS# 226347

Mar 3rd 2016
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Larry Gray (lgray_312_247)
#593 ranked lender in California - 1,139 contributions

I would not venture to say we are the only ones that can help but it is very much in our area of expertise to work with self employed borrowers.We are known as a top purchase money lender in California. That means we have a high arsenal of loans for homebuyers and we are set up for a fast mortgage loan track to meet varying timelines. I certainly would be happy to do our magic for you, understanding that a comparison or two would benefit you greatly!

Mar 3rd 2016
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,240 contributions

Virtually any experienced lender should be able to help if your tax returns support the income you mention, and all the other aspects of your application fit requirements.

Mar 3rd 2016
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Jesse Stroup (jessestroup)
#4 ranked lender in Idaho - 593 contributions

For the most part lenders are able to help. The lender will look into your income for 24 months and will need assets and down payments like any other loan.

Mar 4th 2016
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