We have two programs for Self-Employed borrowers. The most popular is the 12 month bank statement program.
Our 12 month bank statement program uses cash flow for the income calculation instead of tax returns. This means you can write off as much as you like, and still get a loan. (provided you have the cash flow)
We have loan amounts up to $4 million and it requires a 30% down-payment.
Let me know if you would like more info. You can contact me on my website below -
Mark Chumura 480-222-9700 tell him John Forsyth recommended you call.
He will have a better answer for you regarding NO DOC loans.
Good luck and let me know if you need assistance in finding a home.
If you have not found a lender and you have 30% down. We are not a lender but we have a line of credit and an option that will work for this types of buyer. We can also help other buyers in the same situation.
It's been awhile since your post. Were you able to find the lender for your situation? I'd love to know who helped you. Unique situations like yours, and the lender who helped you, are of interest to me in my business for future clients with needs like yours.
Thank you in advance
Keller Williams Arizona Realty
FREE MLS Search
The availability of low doc and no doc loans will be very limited at best. Most will carry a hefty premium on the rate and term if available in the current market.
Would you consider an alternative? Seller financing is becoming more popular of recent given the diminished availability of loans for the self employed. Seller financing can be attractive when properly applied to the situation. It takes very careful consideration from the buyer and the seller but can be done legally and ethically to the benefit of both parties.
We do have homes in Scottsdale that are offering seller financing for them today.
Choice One Properties
Example let's say a potential buyer is self employed, can put 20% to 30% down on the home he wants in Scottsdale, they simply look at his assets and liabilities and see if they want to loan him money.
A potential buyer could be a very successful business person, with great positive cash flow etc... and could even be considered a millionaire but would have a ZERO credit score because they don't use credit.
There are not no doc loans available with public lenders!
I have access to private lenders. In this price range you may be looking at at least 20% down.
If you would like me to find the right lender feel free to contact me direct and I could direct you to one.
Low doc & no doc loans are a thing of the past. You can get a hard money loan, but I don't think that is what you are looking for in that they usually require a large down payment of 30% or more, have high interest rates into the 15% to 18% range, & are usually short term.
There is a pledged asset loan you could possibly look at, but you will need to pledge liquid assets that you don't want to liquidate, such as stocks & bonds, valued at a percentage more than the value of your home.
For a full doc loan for a home in your price range, we are looking at 25% down. I hope that helps...
All the best,
Roswell Moore, CMPS
Certified Mortgage Planner