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Self employed, looking for lender to help?

I am self employed, and every lender that I have spoken to tells me that because of my tax deductions, my qualification amount is affected, Are there any lenders out there that will work with a situation like this? by cheyenne.g212720 from Bedminster, New Jersey. Aug 19th 2015 Reply


yes, there are lenders out there that can help you. I have access to a few programs that will allow for us to use your bank statement deposits as qualifying income. Please feel free to call me to discuss.610-233-0098. Thank You

Aug 19th 2015
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Ted Ark (tark@goldmortgage.com)
#32 ranked lender in New Jersey - 34 contributions

Yes, there are programs for self-employed. I have a two programs which might be able to allow you to qualify. One is based on your gross sales, down payment and asset reserves. The other is a bank statement program which calculates your income based on your personal or business deposits. My office is about 3 miles down the road from Bedminster NJ. North of the Green Knoll Grill. My telephone number is 908-722-9217. Ted ArkGolden Mortgage818 Rt 202-206, Bridgewater NJ

Aug 19th 2015
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,055 contributions

Yes and No.. What your running into are "Conforming" guidelines. Each lending program, FHA, VA, USDA & Conventional all have a standardized set of guidelines that must be adhered to.. and it's very clear when it comes to self employed borrowers.. the lender will only consider what you say you earned with your business after all expenses.. you can show a $1,000,000 in revenue, but if your income after deductions is $20,000 per year, then the lender must use the $20,000 annual income for qualifying purposes.. This wont change no matter how many lenders you try to contact.. However, there is one thing that might help with conventional financing.. it's called "depleted asset". This is where a borrower has no documented income, but they have a large, professionally managed asset account where they withdraw a certain amount every month.. Example:. You have $360,000 in a brokerage account, and you regularly withdraw $10,000 per month. The $10K per month can be considered as monthly income since you have enough in the account to last 3 or more years.. There are some pretty specific rules regarding this type of loan so be sure you talk to a qualified lender prior to doing an application. There are other lenders out there called "non-conforming" lenders (also called "Portfolio" and "Hard Money" Lenders) who are lending with their own funds, so they can make the rules whatever they wish.. But even with these lenders, there are still laws in the United States that require the lender to verify your income.. So some of these lenders might use 24 months bank statements in lieu of tax returns.. etc.. but understand that if you go this "Non-conforming" route, you will pay a higher interest rate and increased fees.. Also be prepared to pay a larger down payment, as most of these types of lenders will want 20% to 30% or more down.. The best advice I can give you 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 NMLS# 226347

Aug 19th 2015
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Jamie Lynne (nationwidelenderforyou)
#143 ranked lender in Texas - 575 contributions

If you can show regular deposits into a bank account, I have an option for self employed with 20% down. You can also go stated if you are purchasing a non owner AKA investment home. Let's discuss your loan scenario further. My name is Jamie and I am a proud VET that has been lending since 1989. Please feel free to contact me at 800 315 8803, 7 days a week or visit us at www.bartprequalifies.com

Aug 20th 2015
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