Home Buying in San Francisco>Question Details

JC Linger, Home Buyer in 94105

I'm looking to buy a home but having a hard time getting a loan due to self employment. Any suggestions who might help? I have excellent credit.

Asked by JC Linger, 94105 Mon Aug 5, 2013

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Tracy Ong’s answer
Hi JC,

Cathay Bank and a couple other banks, mainly Asian, can provide you with what you need.

I've worked with a few entrepreneurs in the city who were pre-approved with stated income loans.
Let me know if you would like me to put you in touch with a lender.


Tracy Ong
BRE# 01908891
0 votes Thank Flag Link Mon Aug 5, 2013
You will need to provide much mroe documentation to the lender than if you were a W2 employee....
1 vote Thank Flag Link Tue Aug 6, 2013
Most lenders have programs for self-employed individuals. However, if you're finding it challenging, it could be because something is amiss. Try Michael Belfor, 415-899-8555, amnd tell him J. Mario sent you. He has some dynamic stuff going on for such persons...
0 votes Thank Flag Link Thu Mar 20, 2014

Email me your info and I can refer you to a lender in your area that can help you.

Best Wishes,

David R. Indermill

Re/Max Hall Of Fame, CDPE | Since 1998 | Luxury Real Estate Advisor
International Referrals | Bank Owned Assets | Off Market Properties
Large Cash Investor Fast Close Network | B.R.E License # 01232827


Cell: 858-414-LIST (5478) Texting OK
Fax: 858-430-5544
Email: david@sandiegohomestore.com

0 votes Thank Flag Link Thu Mar 20, 2014
Most lenders will need 2 years of self employed history and they average those 2 years together to calculate your income. Its unfortunately a bit harder than if you are a W2 employee. As realtors, we are in the same scenario personally when we are looking to purchase.
0 votes Thank Flag Link Thu Mar 20, 2014
Most companies need 2 yrs or self employed, we only need 1 year. We get a lot of loans done for self-employed people that other companies turn down. Call or email for a free pre-approval and free credit report.

We can do: FHA, Conventional, USDA, VA, HARP, Interest Only, Home Equity, Fixed, and Variable. Find out which product is right for you by calling Brad at (630) 639-1081.

Brad Neumann
Sr. Loan Officer
Toll Free: (855) 415-5626 ext. 5734
Email: bneumann@myccmortgage.com
0 votes Thank Flag Link Sat Oct 26, 2013

I might be able to help call me

Omar Khamisa
Mortgage Loan Manager

NMLS#: 369325
Cell: 510-648-5535
Fax: 510-751-4823
0 votes Thank Flag Link Sun Oct 13, 2013
Dear JC,
If you have a CPA who takes care of your taxes, you might be able to get some income records there that you can use for a loan application. This issue comes up a lot with Self employed persons. My advice if this does not work for you is to start keeping strict records and using a book keeping service that will record your income for a future purchase.
0 votes Thank Flag Link Sun Sep 8, 2013
Hello JC,

I have two great portfolio programs designed specifically for self employed borrowers in California. I have a 12 month bank statement program and a 1 year tax program. I have other portfolio products that our bank supports as well. I have helped several self employed folks with these new bank backed programs. We also have all of the traditional products. Feel free to give me a call if you want to talk. My number is listed in my profile. You can also read a recommendation I have.

Paul Watkins
0 votes Thank Flag Link Wed Sep 4, 2013
JC Linger,

You bring up a frustration many Self-Employed borrowers have had over the last 5 years since the financial meltdown.

This year has been the first year since where investors are seeking out opportunities in the niches.

Self Employed borrowers are a huge, unfulfilled niche. Through my mortgage company, we use one investor that offers many different loan products to support and qualify a self employed borrower. They have options to help based upon significant assets and/or down payments. They also have offerings that alternative ways of calculating your income to help you get qualified.

While I'm not in San Francisco, I do visit frequently from my hometown of Santa Barbara. Give me a call if you would like to kick the tires around. I think you will find value in our conversation whether you decide to move forward or not.

All the best,

Jeff Bochsler
Medallion Mortgage
0 votes Thank Flag Link Mon Aug 19, 2013
There are no income verification loans available with 20% down now. They are portfolio loans. The lender does not require any income documentation.
0 votes Thank Flag Link Fri Aug 16, 2013
Well it's all about the tax returns. Allow a Loan Officer to run the #s and see what you qualify for based partly on the income you have reported. If you have tons of write-offs and business losses, then you might not qualify for much, you would need a co-signer.

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Fri Aug 16, 2013
You, like hundreds of would-be buyers with similar circumstances, are experiencing what many real estate practitioners have been combating for the past few years with just about every potential buyer, not the least, those who work for themselves. Self employment isn't a deal killer, so long as you meet the lenders stricter underwriting guidelines, for instance substantiated income for two years that shows you make enough money for the value(s) you're going to be paying; and having enough collateral, e.g., down payment, to make it worth their while. So, you will be best served to speak with a real go-getter lender like my friend at CHASE, Rafael A Alas, 510-880-9178, who can get you started on the right track. Hope that helps.

J. Mario Preza
0 votes Thank Flag Link Fri Aug 16, 2013
Hi JC Linger, I am here to help. I can do a Reduced Documentation loan/Stated income program if needed or a full documentation loan telling you exactly what will be used for income before you lock or spend a dime. Contact me on Trulia or att:

Fritz Walter
VP of Retail Sales
Toll free: 800-359-1996 x551
Direct: 203-783-4551
Email: fwalter@totalmortgage.com
Alt email: fritz@post.Harvard.edu
NMLS ID: 387922
Visit my webpage: http://www.totalmortgage.com/bankers/fritz-walter/
Company Website: http://www.totalmortgage.com
Total Mortgage Services, LLC - NMLS #2764
Licensed in: CT, FL, MD, NJ, NC, SC, TX, VA
0 votes Thank Flag Link Fri Aug 9, 2013
Self-emplyment should not be a problem when looking for a loan! When applying for a loan, lenders want to look at different things like your credit report, income, employment, personal assets, etc. Since you are self employed, your situation is a little different but it is not a problem at all! Just be aware that you will need to provide two year's tax returns (all schedules, all pages) when you are self employed. This will be used by lenders to determine whether you can qualify for a loan.

I hope this helps! If you have any other questions or need a loan feel free to contact me with the information on my profile page!

Good Luck!
0 votes Thank Flag Link Tue Aug 6, 2013
I work with Daniel Jacques for my self employed buyers. Please feel free to contact me if you need any assistance.

Daniel Jacques
Loan Officer
PacTrust Bank/Mortgage division
1600 Riviera Ave #150
Walnut Creek, CA 94596
Office 925.849.1829
Cell 925.270.5480
Fax 925.849.1879
NMLS # 414178
0 votes Thank Flag Link Tue Aug 6, 2013
Ed Diaz with Opes Advisors just launched a new loan program for self employed people. You only need to show your 12 months bank statements. He is fantastic, and we closed many transactions with him. Please call him: 415-368-1149. He is a great follow upper, very experienced and straight forward.
0 votes Thank Flag Link Tue Aug 6, 2013
We can certainly help you out. You can check us out at http://www.TheMortgageOutlet.com and give us a call. One of our loan officers will look at your situation and present you with some options.
0 votes Thank Flag Link Tue Aug 6, 2013
Hello JC,

Here is a referral for a lender:

May Montana
Opes Advisors, Inc.
435 Pacific Avenue, Suite 350
San Francisco, CA 94133

Direct: 415-869-6123
Cell: 415-710-6651
Fax: 866-616-4042

Let me know if you need additional recommendations.

Web Reference: http://www.LizeteSantos.com
0 votes Thank Flag Link Tue Aug 6, 2013
I suggest that you meet with me and my loan manager...Our large office has a loan department and our loan people have been known to work wonders.

Call our office 415-213-1600 and ask to speak with Peter Chin and they will contact me.

Good luck.
0 votes Thank Flag Link Tue Aug 6, 2013
The fact that you're self employed alone shouldn't prevent you at all from qualifying for a loan. But, like many self employed borrowers, if you write off a large enough portion of your income, it's going to impact you in that you won't qualify as for as much or enough to purchase a house. It's all about the #s.

Co sider speaking with a Loan Officer and allow him/her to run all the #s and see just how much you'll qualify for and what your financing options are.

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
310 Crossways Park Drive
Woodbury, NY 11797
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
0 votes Thank Flag Link Tue Aug 6, 2013
JC Linger,

I'm going to preface this answer by saying that I am a licensed Realtor, not an accountant, and you should always consult a professional for advice in a situation like this. I can give you guidance based on my experiences however!

Lenders typically need a minimum of 2 years of work history for self-employed, 100% commission occupations, or even for jobs that are commission heavy (sales). Ways around such obstacles are having a co-signer with a revenue history, strong assets with low or no debt, and couple that with good credit. I'm always happy to provide you with lender recommendations as well if you want a second of third opinion. I would recommend speaking with multiple lenders regardless, as a way to shop rates and find the best deals out there for anyone looking to buy.

I hope this helps! I'm happy to help anyone else looking to buy in San Francisco as well. If you have any questions regarding real estate please don’t hesitate to reach out. I’m always happy to be a trusted resource for all things real estate in San Francisco and the Bay Area.

All the best and good luck with your situation!

Aaron Bellings
Realtor, Vanguard Properties
BRE #01915431
0 votes Thank Flag Link Mon Aug 5, 2013
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