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
â€¢ Purchase, rate and term refinance, and cash-out refinance allowed.
â€¢ Single family residences, PUDs, condominiums, and 2-4 units allowed.
â€¢ Primary residence, second homes or investment properties allowed.
â€¢ U.S. citizens, permanent residents, and foreign nationals allowed.
â€¢ No prepayment penalty.
â€¢ Up to 80% LTV maximum. LTV is based on occupancy and loan amount.
â€¢ Up to $2,000,000 loan amount. Maximum loan amount is based on purpose of loan and occupancy.
â€¢ 700 minimum credit score for U.S. citizens and permanent residents.
â€¢ No credit scores are required for foreign nationals.
â€¢ No rental late payments during past 12 months.
â€¢ No mortgage late payments during past 24 months.
â€¢ No history of NOD, foreclosure, short sale, bankruptcy, or repossessions.
â€¢ No unpaid judgments, liens, or collections.
â€¢ Income stated on loan application must be reasonable for the position of employment.
â€¢ No tax returns, paycheck stubs, W-2, 1099 or 4506-T will be required.
â€¢ Self-employed or W2 allowed.
â€¢ No industry exclusions.
â€¢ Debt-to-income ratios cannot exceed 45%.
â€¢ Employment must be verifiable by a CPA or IRS enrolled agent (for self-employed) or verbal verification of employment (for W2) with no reference to income.
â€¢ 100% of the down payment may be gifted for primary residence.
â€¢ 6 months PITI reserves are required. Reserves must be seasoned for 2 months and come from borrowerâ€™s own funds.
â€¢ The SIVA loan program is available in every County in the State of California.
For more information contact:
5000 Birch Street, Suite 3000
Newport Beach, CA 92660
Toll-Free: (888) 661-7888
I personally have not come across anyone applying for one of these once popular loans so I can't say whether anyone is having success. A huge down payment is required. Thirty percent down will get you in line.
Small business owners have a shot. It's too bad if more of these loans are not being approved because people who don't receive a W2 can show they have substantial income.
Stated income loans come in different flavors. Here is a sampling of available information:
PML of Longmont
Private loans have no stated income! But who wants one of those? I've heard your credit union is more likely to help if you have a long term relationship with them.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia