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?

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Trisha Lee, Agent, Columbia, MO
Fri Aug 22, 2008
Rebecca -
I just went through this same situation with one of my clients who is in outside sales. They require the same 2 year history. We were able to go to a local bank and get the loan approved because they know his local employer and his credit history. Your large mortgage companies and national lenders just don't have that kind of flexibility in todays lending market. I'm in Columbia so it won't help you there but I would look into your local banks (maybe the one that made the loan for your business?). Good luck and hope this helps.
Trisha Lee, REMAX Boone Realty, Columbia, MO
573-999-1000, 573-876-2897
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