Everyday we speak to self-employed people here in California that are successful and have good credit but are routinely turned down by banks and brokers when applying for a loan to purchase or refinance their home.
The typical problem that self employed people run into is that they write off business expenses on their income taxes each year. It's a catch 22. If you write off most or all of your businesses expenses, it appears to a mortgage lender that your yearly net income isn't sufficient. On the other hand, if you do not claim many write offs for expenses, you immediately set yourself up for paying higher income taxes.
However, that no longer has to be an issue in your search for a home loan. We can now help locate specialized loan products tailor-made for self employed and high net asset clientele in California only.
We have access to new mortgage options such as:
1. 12 months of business or personal bank statements
2. 1 year tax returns (no more 2 year averaging)
3. Substantial assets
4. No income ratio for loans under 50% LTV
In the past, a majority of self employed people would simply seek out a stated loan in order to purchase or refinance property. After the housing and mortgage meltdown, many of these loan programs simply disappeared. Lenders soon became more stringent with their lending guidelines and it became subsequently harder for people who owned their own businesses to qualify for financing. Now that the real estate market is making its way back, a small number of lenders are now expanding their guidelines to become more attractive to certain buyers who have been neglected.
Give us a call at 800-598-9790 or visit http://www.selfemployedmortgageloans.com for more details... more
I haven't heard this officially, but I can find out for sure if these are being approved and at which banks. I would imagine the rates would be 5-6% to be competitive. Contact me if you would like for me to do some research and get back to you. Have a great weekend and Father's Day.
Your Castle Realestate