Financing in Atlanta>Question Details

Toya O., Home Buyer in Atlanta, GA

I am looking for a 50% mortgage. 250k cash deposit. 30 year mortgage. I am self employed. Any suggestions for lenders?

Asked by Toya O., Atlanta, GA Tue Oct 29, 2013

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Hi Toya,
Since you are Self Employed, the amount of income vs deductions on the tax return will weigh heavily on your qualifacations. For a Conventional mortgage, Fannie Mae/Freddie Mac will require 2 years of tax returns.

Getting Pre-Qualified prior to beginning the home search is critical. To do this, you would need to submit a Pre-Qualification request along with your financial documentation. The following documentation will be needed:

• Two most recent years of W’2’s/income 1099’s (if applicable)
• Two most recent years of Federal Income Tax returns
• Two most recent pay stubs (if applicable)
• Two most recent months of bank statements (all pages)

A loan officer who does not ask for and properly reviews all of the above documentation is doing no service to you and may not be very experienced. Experienced loan officers know that many issues come to light only once the actual documentation has been reviewed.

A Pre-Qualification is valid for 90 days from the date that the credit report has been pulled. At the time of closing, most documents (i.e. credit report, income/asset documentation, appraisal, etc.). Should anything be older than 90 days, an update will be required. For credit, this is simply the loan officer obtaining a new credit report.

As one of the largest direct lenders in the country, Prospect Mortgage offers one of the largest selections of loan programs available. In addition to the standard conventional, FHA, VA, USDA, and Jumbo, we also offer a wide range on Renovation loan programs. Our Renovation programs include FHA 203(k) (Streamline & Consultant), HomePath Renovation, and HomeStyle Renovation. In addition, we also have an FHA 580-639 FICO program for borrower with previous credit issues.

If you are looking to purchase a property, working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your mortgage options. To get Pre-Qualified for your purchase, you can submit your request online at to get started.

Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203(k) Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
2 votes Thank Flag Link Tue Oct 29, 2013
Only have bank statements with substantial deposits
Flag Tue Oct 29, 2013

You seem to be real popular with all the responses.

You can get what is called a "portfolio loan". Many lenders will provide this and you can get very good interest rates.

Some lenders may want you to make a large deposit $100k+ with their bank in order to facilitate this type of transaction.

When shopping for a mortgage, ask for a range of terms up front before you have the loan officer pull your credit. Many bad loan officers out there care more about themselves than the client.

Good luck!
1 vote Thank Flag Link Tue Oct 29, 2013

I am with Keller Williams but I have a team of lenders that I personally work with that could assist you with a 50% mortgage.

If you are not already working with an agent and would like my help, please give me call at the number below:

Lakisha Knight
(404) 202-5372
1 vote Thank Flag Link Tue Oct 29, 2013
Toya....We generate mortgages for a lot of self employed people. The documentary requirements are a bit more rigorous than most but nothing like an IRS audit. I'll be glad to work with you and close (if you have a contract on a property at hand) in generally 30 days with your cooperation on document submission. I can generate a prequalification letter quickly for you if you're still hunting.

30 year fixed for the loan amount you suggested is currently about 4.0%

We're one of the oldest licensed lenders (not brokers) in the state....and I've been in the business over 40 years helping people just like yourself in several states.

Vernon Appenzeller
Capital City Mortgage Investments
GA LENDER # 7064
NMLS # 164510
1 vote Thank Flag Link Tue Oct 29, 2013
Toya ~ I work closely with a local Bank who offers mortgages for people exactly in your position. John, the mortgage loan officer, is very good about returning phone calls and educating his clients through every step of the process. It is very important to have a good relationship with your mortgage originator. If you don't feel you can trust the person handling the financial aspect of your home purchase, you will not be happy throughout the process. If you would like to talk with John, give me a call and I will introduce you.

Fred Yancy, Broker
Harry Norman, Realtors
(678) 799-4663
1 vote Thank Flag Link Tue Oct 29, 2013
The Lenders Network. They match you with a lender that has a loan product that matches what your looking for.. Good luck!
0 votes Thank Flag Link Fri Nov 1, 2013
Whoa, you are putting a lot of money down, I am in agreement with Bill why so much? I have a lender that is very flexible with self-employed borrowers. Could you tell what you would like to see happen

Desired Loan Spec
1. Loan Amount
2. Terms
3. Lender Fees
4. Closing Period

What documents do you have
4. Credit History
5. Documents ( Tax return, bank statement, contracts, business financial statements, bank statements for the business and yourself)

Please let me know what you have that i may send you the best lenders based on your scenarios. I have a list of lenders.

Please contact me if you would like the assistance.
Access Community Realty
Monique Cunningham
678-691-4344 office
678-949-3102 cell
0 votes Thank Flag Link Tue Oct 29, 2013
Thanks for all your replies. I will review and get back to you all individually
0 votes Thank Flag Link Tue Oct 29, 2013
My lender has a product for the self employed where they can use the average of 2 years bank deposits. I have all the information in pdf format that I can send over to you. Please email or call me and I will get it over to you right away.
Sherry E. Bailey
0 votes Thank Flag Link Tue Oct 29, 2013
Do you claim any income on your tax returns?
Web Reference:
0 votes Thank Flag Link Tue Oct 29, 2013
Call Carl Elliott
Great Plains National bank
0 votes Thank Flag Link Tue Oct 29, 2013
Why the heck are you putting so much down? Did you not learn from the history of Real Estate volatility that your $250k cash could be depleted by another down turn? Are you not aware that we may have another government shut down in January that could drive prices down?

You don't have to put that much money down if you qualify on everything else. The bank will look at your credit, assets (which you seem to have) and debt to income ratios. You'll need 2 years tax returns showing self employment.

Not even private money which has no regard to credit and income requires that much down. As a financial planner, it worries me to see people throw so much money into a real estate transaction. Figure that for every $10,000 down, you save $50 a month on your mortgage payment. For every $100,000 down you save $500 a month.

However, putting $100,000 into an Indexed product, currently at 7.2% would double your money in 10 years and doubling again 10 years later and again 10 years after that. In 30 years, you will have saved close to $800,000! Meanwhile, your Real Estate would grow at a national average of 3% giving you $200,000 worth of equity in 24 years.

I know of 2 former Real Estate millionaires living in an apartment complex because they "invested" all their money in Real Estate. Don't make their mistake.
0 votes Thank Flag Link Tue Oct 29, 2013
Contact Tim Brown at, 678-467-9959. Tim is a Lender Pro on this site and a self-employment guru. Good luck!

Gregory J. Peters
Sales Manager | Evolve Bank & Trust
11605 Haynes Bridge Road Suite 125| Alpharetta, GA 30009
770-255-3835 | fax 678-387-1435 | cell 770-864-7926
NMLS#: 162522

Apply online!
0 votes Thank Flag Link Tue Oct 29, 2013
I would love to help you. I am very proficient with self employed borrower. I work for LoanSouth. My contact info is
Jay Orr
LoanSouth Mortgage, Wholly owned subsidiary of BankSouth
990 Hammond Drive
Suite 210
Atlanta GA 30328
0 votes Thank Flag Link Tue Oct 29, 2013
Feel free to give me a call when you have a moment. Most lender will will have no problem working with that but, if you have an unusual situation, I have the perfect lender for you!
Sherry Bailey
Keller Williams Realty First Atlanta
0 votes Thank Flag Link Tue Oct 29, 2013
Do you have 2 years of self employment tax returns? If so, almost any lender will work with that much down payment. If you are recently self employed a non-traditional lender may be able to work with you. A lot also depends on your credit rating as well. I work closely with Tina Grady at Wells Fargo, you can reach her at 770-619-1401.
0 votes Thank Flag Link Tue Oct 29, 2013
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