Senior VP of Mortgage Lending
For instance lenders want to establish that the borrower can sustain a mortgage over time. Accordingly, lenders are likely to require at least 2 years of the most recent tax returns as well as financial statements, and possibly a quarterly profit loss statement. In their assessment of finances, lenders will typically require an overall debt- to-income ratio of 41% or less.
When it comes to credit scores, a score above 740, for example, can greatly enhance a self-employed applicant's chances for approval. For self-employed applicants, the secret to success is to prepare in advance. Here is more on what you can do, to increase your chances for success:
Our Team | United Equity Mortgage Corp.
http://www.unitedequity.us/our-team.html15+ items â€“ Wieslaw (Wesley) Jura Vice President. NMLS ID 225274 ...
Wieslaw (Wesley) Jura Vice President. NMLS ID 225274 773-304-3412
Paul Gondek Senior Loan Originator. NMLS ID 226276
First off, you need to be self employed a full 2 years. THEN, the lender is going to look at your adjusted gross income.... Basically, what did you make after profit and loss. (There are a few tweaks to that as well). For instance.... If you made 100k.... but took 75k in losses..... Then the income is 25k. That is the income the lender is going to use. Again, that is a pretty simple way to put it.. Give us a call I will get you with one of our best Loan Officers to help you out.
Quality Mortgage Lending
Should you wish to talk and get your questions answered, please contact me via the link below. I'll be happy to provide the assistance you seek ...
I am a local mortgage broker and would be happy to help you get pre-qualified. We work with over 30 lenders to help you get the best possible financing. We specialize in FHA, VA, and conventional financing. With self-employeed customers we do require 2 years personal and business returns so that we can average your income. SMC carries an A+ Better Business Bureau Rating and we have worked in the community for over 15 years!
Please call or email me so we can set aside some time to get you prequalified; or visit my website to complete the application http://www.smartmortgageinc.com.
I look forward to working with you!
Smart Mortgage Centers
email@example.com / http://www.smartmortgageinc.com
Generaly lenders require a two year employment history and two years of tax returns.
I recommend David Radke at Standard Bank. You can reach him at (312)806-9309.
He is very knowledgable and patient.
You will find many, many lenders are incapable of granting a home loan for anyone without a W-2 or a giant mountain of cash to put down. This is one of the byproducts of giving those 'too big to fails' 900 Billion dollars of your money!
Do not let your shadow cross the threshold of those banks.
Instead, confer with local banks who have a demonstrated history of investing in the community through small business loans and home loans. The best banks will have an "A" or "B" grade. The 'too big to fail and too big to care banks" will be "F" rated.
Enter your destination city or zipcode at:
Choose the bank that appeals to you and make an appointment.
Best of success to you,
Annette Lawrence, Broker/Assoicate
Remax Relatec Group
Palm Harbor, FL
The best way to get your question answered is to meet with a Local Mortgage Banker to get prequalified for mortgage financing. The Mortgage Banker will review all facets of your loan request to answer your questions with regards to the types of loans and maximum loan amounts you could qualify for.
Typically for self-employed lenders require a minimum of 2 years self-employment and will use the most recent 2 years income tax returns to qualify using the net income after expenses. That having been said, many Lenders in this conservative lending environment want to see a person is self-employed for three years.
Your Mortgage Banker can guide you accordingly.
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income, your credit and all other of your expenses (credit cards, auto loans etc.) and then make a decision to give you a loan, and for how much and the loan amount they would grant you based on
all those facts. Your very best way would be to sit down with a local reputable lender- put all the details in front of them, bring your tax returns from several years and let them know about all your other expenses as mentioned above...
And see what they are willing to allow you to borrow etc.
If you need a recommendation for a good lender in the city, let us know, it is with the lender you need to start before connecting with a good local Realtor, your personal Buyers Agent, who will help you to
buy a property within your means! If you need a recommendation for a good Realtor and a local Lender e-mail me and I forward them to you via e-mail as well.
Edith YourRealtor4Life & Chicago and Northern Illinois Expert
Working always in the very BEST interest of her clients, Buyers, Sellers and Investors alike....
And always with a SMILE ïŠ
Covering for @Properties the city of Chicago, all N and NW suburbs, the fine homes on the
North Shore, and many of the W and SW suburbs, and with her trusted Partner Agents all of
the US and worldwide properties. Edith speaks French, German, some Spanish and other.....
@Properties ---- EdithSellsHomes@gmail.com
Check out my website at htttp://tinyurl.com/YourRealtor4Life
HAVE THE MOST WONDERFUL DAY :)