Financing in Kansas City>Question Details

Rebecca, Home Buyer in Kansas City, MO

Are there any mortgage companies who are friendly to small business owners?

Asked by Rebecca, Kansas City, MO Fri Aug 22, 2008

My husband just started his own company, but our mortgage company only accepts loan applications from people who have 2 years of history with their own start-up business. So even though we have excellent credit and can make our mortgage payment every month, they will not give us a loan on a new house. Are there certain mortgage lenders who are more understanding?

Help the community by answering this question:

Answers

10
Hi Rebecca. Credit history shows your willingness to repay your debts. Income and employment history show your ability to repay your debts. Both willingness and ability are essential in qualifying a borrower for a mortgage loan. The newly self-employed face challenges because the stability and dependability of their income are unproven. How do you prove it? By showing the results over time. Although 2 years is a good rule of thumb, it can be done in less time. The rules vary depending on the loan program. The lender or mortgage company is not as important as the individual mortgage specialist. If you're fortunate enough to work with a savvy mortgage specialist with access to every major loan program, you should be able to achieve your objective with minimal delays. Feel free to contact me at jwheeler@apexlending.com
1 vote Thank Flag Link Mon Sep 1, 2008
I would recommend starting with The Lenders Network. They will be able to find you a lender to do the loan, since they work with all banks they can make it work if your financially stable. Good luck!
http://www.thelendersnetwork.com

Jessie B
0 votes Thank Flag Link Mon Feb 25, 2013
That is really bad advice here, you need to talk to a mortgage broker before you make any decisions.
0 votes Thank Flag Link Mon Sep 22, 2008
There are still stated income loans available if you have great credit.
0 votes Thank Flag Link Tue Sep 16, 2008
The person that you want to talk to is Chris Resch, he will be back in on Tuesday and his number is 913-345-3080. I have seen him work a number of deals that didn't look like they could get done. As I stated in my recommendation he is with Pulaski....call him anytime! Good Luck to you.....
0 votes Thank Flag Link Fri Aug 29, 2008
Pulaski is great! Another option is a credit union; they often have lower interest rates. Did you call Phil? What did he say?
0 votes Thank Flag Link Wed Aug 27, 2008
I have a lender at Pulaski Bank that can do in-house loans, meaning that they can manually look at your deal and if it makes sense they can lend and service your loan....very cool!! Let me know if I can help.....davidv@prukc.com
0 votes Thank Flag Link Tue Aug 26, 2008
There is a possibility that you could qualify for a stated income on a mortgage.
For highly specific answers to your question, call Phil Winfrey at Plaza Mortgage 913.652.4470 --
Plaza is local but partnered with Wells Fargo and owned by Home Services of America, a Warren Buffet company.
0 votes Thank Flag Link Tue Aug 26, 2008
Money is hard to come by right now. And I think with every one in "duck and cover" mode you are going to find this to be pretty standard. You may wish to call Mitch Ashlock over in Olathe at First Federal Savings. Though I do need to warn you to buckle up for the interest rate if he can help you.
0 votes Thank Flag Link Fri Aug 22, 2008
Hi Rebecca,
Being an owner of a small mortgage company, I understand what you are going through. Unfortunately, in today's market, stability is king. And one of the single biggest stability factors is in income. Other than perhaps a local bank, regular mortgage banks will want two full year's income history (tax returns). And keep one thing in mind. Unlike a regular W2 income employee, lenders will average your husband's NET income (that being after expenses). So while his gross may be quite high, if he takes a lot of write-offs, that is the income that will be considered.

If you have any other questions, please don’t hesitate to call or visit our website shown below.

Pat Palmer-Broker/Realtor
Forefront Real Estate
Forefront Mortgage

154 W. Foothill Blvd #A308
Upland, CA 91786

Phone: 909.286.1301
eFax: 909.912.8002
Web Reference: http://www.ffhomes.net
0 votes Thank Flag Link Fri Aug 22, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer