Wednesday, November 13, 2013 - Article by: nationwidelenderforyou - AFG -
Business owners and other self-employed borrowers have often found it more difficult to obtain a mortgage, than borrowers that are salaried. At www.bartprequalifies.com we have a few different mortgage options for the self employed such as NO DOC LOANS, STATED LOANS, bank statement loans, and of course traditional financing. Call us 7 days a week to discuss your self employed loan needs, at 800 318 8803 or visit www.bartprequalfies.com Some of the obstacles that self employed borrowers typically has to do with income and employment verification requirements. While a self employed borrower can enjoy a great income, verifying income can present an variety of challenges. This is because most lenders and loan programs base their income on the net, adjusted gross income on tax returns, which obviously is kept as low as possible to minimize tax liabilities. At www.bartprequalifies.com we have a few different mortgage options for the self employed such as NO DOC LOANS, STATED LOANS, bank statement loans, and of course traditional financing. Call us 7 days a week to discuss your self employed loan needs, at 800 318 8803 or visit www.bartprequalfies.com The documents are required to verify self-employment today can vary widely between which program the borrower wants to pursue. Those seeking to purchase or refinance a homes with conventional or FHA loan are required to submit copies of tax returns for the last two years, with all schedules. In order to qualify, the net, adjusted gross income for the last two years is averaged, unless the most recent year shows declining income, in which case the lower number will be used. The new debt-to-income ratio (DTI) cannot exceed 50 percent of the borrower's monthly income.Remember it is imperative to work with a knowledgeable and experienced loan officer, when applying for a conventional or FHA, when you are self employed. Call me at 800 315 8803 to discuss your loans scenario in greater detail. I have been lending since 1987, and I understand how crucial it is to correctly structure a self employed loan. Most loan officers forget to help borrowers increase the amount of their income that can be used to qualify. Items like depreciation and salaries which were paid to them through their businesses, can be added. In addition to traditional financing, I also understand the intricacies of alternative loan programs For example bank statement programs which uses deposit amounts to verify income versus tax returns. This is an awesome solution for those who have cash businesses , requested an extension on their taxes and or those who simply have great accountants who have been able to minimize their tax liabilities. I also offer no doc and stated loans programs. Remember that these alternative loan programs will come with above market mortgage rates. Call me at 800 315 8803 or email me at firstname.lastname@example.org to discuss your self employed loan.
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