Self Employed Loans
Items you need to prepare:
- Many people are self Employed and write-off many items, however by writing off expenses in the two years prior to obtaining a home loan your NET Income is reduced. You must make sure that you do not go too drastically different from one year to the next.
- Lenders are going to look at the average net income over the past 24 months, they will use that figure to see how much you may qualify for.
- Consult with a Mortgage Planner like Great American Funding Corp. to plan for the home loan your are requesting.
- If you need to Refi now, or Purchase NOW, we can assist you with Private Estate Funds as a Temporary fix until your tax returns show enough to qualify for a conventional loan.
- Do you run all you bills thru the Business?
- We also have Private IRA funds that do not have the strict requirements that convention lenders do.
Case Story #1
Too many properties, this Borrower had more than 4 properties – he was considered in the Rental Business.
Case Story #2
Credit Report reviewed – Showed many cards used to the limit of the card. We worked with the Borrower on a step by step basis to finally obtian the loan they requested!
You need to plan for Conventional or FHA loans. We can help. Call Steve at 805-374-6000