Home Buying in Overbrook>Question Details

Michelle Ber…, Renter in Philadelphia, PA

I am self employed and want to buy a home to expand my business how can I go about getting a loan?

Asked by Michelle Berry, Philadelphia, PA Thu Mar 20, 2014

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14
Michelle were you able to obtain financing and purchase a home??
0 votes Thank Flag Link Fri Jun 6, 2014
Hi Michelle
As many have already stated speaking with a lender is the first step to see what you can afford. We have many programs that would fit a self-employed borrower here at Annie Mac Home Mortgage. If you would like more information please feel free to reach out to me at 856-437-8029 or wrich@annie-mac.com
0 votes Thank Flag Link Sat May 24, 2014
My name is Mr Mason Clark i am a private lender who give out loan to private individuals. Have you been turned down by so many banks? Do you need finance to establish your business? Do you need finance for the expansion of you business? Or do you need a personal loan? My interest rate 2% is very affordable and our loan process is very fast as well. I am very willing to make all your financial troubles . If you are really ready to get your financial problems solved, Then search no further and apply for a loan today. If you are interested you can contact us today via email: masonclarkloanfirm@outlook.com

Best regards.
Mr Mason Clark
Managing Director.
Mason Clark Loan Firm Plc.
0 votes Thank Flag Link Fri May 23, 2014
Hello Michelle,

If you want to work with a local mortgage company in the Philadelphia,PA area. My office is in Philadelphia. Please contact me at tlam@magnumopusfederal.com.NMLS# 957576
0 votes Thank Flag Link Wed May 14, 2014
One of the first steps in the home buying process is to speak with a lender. A lender will then analyze your finances (income, debt, expenses, assets, employment, down payment, etc.) to see if you can qualify for a loan and how much you qualify for. I recommend that you speak with a lender as soon as you can. This will allow the lender to check out your finances to see if there is anything that you will need to fix before your time to buy a house comes. So when you are ready to buy, you will be fully prepared. So the best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!

Brian Nguyen
Sr. Mortgage Banker
NMLS # 659743
Phone: 949.667.2887
brian.nguyen@nafinc.com
1 vote Thank Flag Link Thu Mar 20, 2014
I'm curious as to what buying a home has to do with expanding your business. If you need more space to operate, all you need to do is locate a small office in a location convenient to you and not have to go through all of the red tape. Home loans have nothing to do with whether or not you use a residence for business, while business loans may or may not depend on real estate ownership. (That last part depends upon the nature of the business.)
0 votes Thank Flag Link Thu Mar 20, 2014
Because I do not want an office, I like want to work from my home!!!!!!! Where it I can be and give my kids the personal attention and teaching they deserve. Along with a Homey feeling..
Flag Thu Mar 20, 2014
Michelle, thanks for contacting trulia with your real estate question. The best resource when
you start the home buying process is to contact a lender. The best way to find a lender to
address your situation is to start with referrals from friends and family or the bank you currently hold accounts. Lenders vary widely so you need to ask the right questions. It would be my pleasure
to share with you the lenders I work with that can address your concerns.

Please contact me on my cell at 267-615-8741.

I look forward to speaking with you.

Denise Lee
0 votes Thank Flag Link Thu Mar 20, 2014
Hi Michelle.
Speaking with a Mortgage Lender is the way to go. We are Berkshire Hathaway HomeServices, Fox and Roach, Realtor and Trident Group and we would gladly assist you in achieving your goals.

You can contact me at 302-838-3909 or 215-287-5590.

Vanessa Trapp
Realtor
1 vote Thank Flag Link Thu Mar 20, 2014
Please call me at 267-934-1971 I will give you a referal to call for self employed clients this depens on you employment there are still some no DOC Lenders available

Philip J. Cunningham Sr.
Market Force Realty
801 W. Street Rd
Feasterville, PA 19153
866-993-8585
267-934-1971
PhilCunningham2004@yahoo.com
Web Reference: http://www.GreatPaRE.com
0 votes Thank Flag Link Thu Mar 20, 2014
It is not different in PHila than it is in any other city. You will need a lot of financial's to back up your income. Find a local Accountant to help you.
0 votes Thank Flag Link Thu Mar 20, 2014
You could speak to a mortgage lender or you can call a Realotr who can give you suggestions on the necessary steps. It is no cost and may make every step easier on you to have an expert guide you through each step of the process.
0 votes Thank Flag Link Thu Mar 20, 2014
Traci Dellinger is correct. You should speak to a mortgage broker licensed to do business in your state about chances of getting mortgage with minimum 2 year self employment history but using 2013 tax year income.
Good Luck!

Sanjeev Ahuja, NMLS #148731
Mortgage Broker
Home Funding LLC
110 Jericho Turnpike Ste 214
Floral Park, NY 11001
Direct Phone 917-517-2552
NYS Registered Mortgage Broker, Dept of Financial Services, Loans arranged through third parties (NMLS # 885573)
0 votes Thank Flag Link Thu Mar 20, 2014
The best way to get qualified for a loan is to contact a local mortgage person.this could be your local bank or a local morgage broker if you need help with this feel free to call me

Michael Solomon
Realty Mark Associates
2153764444 office
2154212121 cell
0 votes Thank Flag Link Thu Mar 20, 2014
HI Michelle,

Just like for salaried or hourly workers, mortgage approval is generally based off of 3 things - income, credit, and assets (down payment).

The different part with self employed borrowers is the income part. With respect to income, lenders want to see that the income is stable, verifiable, and likely to continue. Now, for salaried and hourly workers, they generally receive about the same pay check week in and week out, so this is considered stable and verifiable. And a quick call to their employer for verification can tell us whether it is likely to continue.

For self employed borrowers its a little trickier. You guys generally don't get a "steady" paycheck. So for this reason, lenders require that you need to be in business a minimum of 2 years in order to show stability and likeliness to continue. And as far as verification of income, lenders require your most recent 2 years of tax returns to document income. Since a lot of your income could be eaten up by business expenses - such as office rent, a work vehicle, travel and meals, etc - the income that lenders go by is basically your NET income figure, after business deductions have been taken.

If your income INCREASES from one year to the next, lenders will generally allow you to average the two years' income. If it is DECREASING, then they will go by the lower year.

This can create problems some times, because your CPA is going to encourage you to take advantage of all your available deductions so your tax liability is less. However, when you go to apply for a mortgage this makes your income look lower.

I hope this helps explain things a bit. To answer your question directly, the way you go about getting a mortgage as a self employed borrower is to prove you've been in business at least 2 years and provide tax returns to document your income. From there, a lender can tell you how much you are able to qualify for.

Please give me a call if I can assist you with getting pre-approved. It would be my pleasure to help you.

Tony

Tony Grech | Mortgage Loan Originator | NMLS 977416
PMAC Lending Services, Inc.
Direct (248) 728-0078 | Fax (248) 595-7130 | Cell (313) 622-7383
tony.grech@pmac.com
0 votes Thank Flag Link Thu Mar 20, 2014
Several of our lenders have decreased the tax return requirements for self employed to 1 year instead of two based on findings from the automated underwriting system.
Flag Thu Mar 20, 2014
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