What are the requirements including down payment for self-employed person, (where I own a sub-s corporation) to geT a fix 30 year home mortgage?

Asked by Pichai Arjarasumpun, Cary, NC Wed Dec 4, 2013

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Chuck Hinton…, Agent, Cary, NC
Wed Dec 4, 2013
Hi Pichai, Good to hear from you again. I have been watching the Cary market for you. I have some lenders/mortgage bankers who can help you. Do you still have the same email address? Cindy Leonard
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Hello Cindy,
Glad to hear from you, and hope all is well on your end. Yes, I still have the same email address.
Flag Thu Dec 5, 2013
John Davison, Agent, Cary, NC
Wed Dec 4, 2013

We are in the same boat. I am also self employed and went through the home buying process not too long ago. I work very closely with a preferred lender on my real estate team and would be happy to get you in touch with her for a complimentary analysis of your situation. In addition, you and I can discuss your home buying needs and I can get you set up with a home search in our MLS that will automatically feed you properties that meet your criteria AS SOON as they hit the market. This is the only way to get up to the minute AND correct information regarding available homes in this market and only Realtors have access to the MLS to set this up for you. I look forward to hearing from you and assisting you in any way possible.

John Davison
Broker, CFS, AHS, CARS
The J. Davison Realty Group
Coldwell Banker Advantage
2128 High House Road
Cary, NC 27519
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Linda Rohrbo…, Agent, Cary, NC
Wed Dec 4, 2013
I work with a lot of investors who are in your position and I tend to think like an investor. What I've seen is mortgage brokers ask for a minimum of two years of tax returns showing an income level where the total monthly mortgage payment is not more than 25 percent of the total monthly income (after tax and expenses). Obviously, this is takes the annual income and expenses divided by 12 months in a year. The tax return documentation requirement is in addition to proof of a 20 to 25 percent down payment with seasoned money, meaning the money has been in a liquid account for three months or more. The larger the down payment, the better, but that's no guarentee you'll get the loan. I've seen people with lower incomes and a smaller down payment get a mortgage at a good rate when someone who is self-employed gets turned down. This criteria is a moving target, and the only way to know for sure is to have a free consultation with a mortgage broker and get the complete picture. But I do know mortgage brokers who can get 30 year fixed loans at a competitive rate for people like yourself and I'd be happy to put you in touch with them. Hope this helps.
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Tony Garcia, Agent, Wilmington, NC
Wed Dec 4, 2013

You would be eligible for as little as 3.5% down with FHA or 5% down with conventional financing. The only differnce would be we would have to review your personal and business tax returns (usually for the last 2 years).

If you would like to discuss your situation in more detail, my contact information is below.

Tony Garcia
Sr. Mortgage Banker
Flagstar Bank

(O) 704-594-8549
(C) 571-246-4373
(F) 888-508-8464
(E) tony.garcia@flagstar.com
NMLS# 224036
3420 Toringdon Way #210
Charlotte NC 28277
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Andy Matejka, Mortgage Broker Or Lender, Greensboro, NC
Wed Dec 4, 2013
You will want to complete an application and let a lender review your financials in order to determine the best loan program for you and your family. You may qualify for several different loan programs.

Options will vary but rates are still at historical lows!

If you would like some assistance in the YRAC fire district, please don't hesitate to give me a call or if you prefer, you can apply securely online!
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Mike Jaquish, Agent, Cary, NC
Wed Dec 4, 2013
Hi, Pichai,

You will get your best answer for your personal situation by sitting down with a good lender for consultation.

Fortunately, in the Cary area, we are blessed with many lenders who are experienced and knowledgeable regarding self-employment lending.
Web Reference:  http://RealtyArts.com
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