Is there any financing available fr self-employed?

Asked by Beau Buck, San Francisco, CA Thu Feb 5, 2009

I have been self-employed for 30 years, and my bankers are telling me that stated income loans, which mine would be, are simply gone. I have substantial assets, but was declined for a 300k 80% refi because my 75k income wasn't sufficient. As a self-employed person I try to show as little taxable income as possible. Do I have any options?

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Kelly Ranstad, Agent, Eugene, OR
Thu Mar 24, 2011
Being self-employed in this market is very difficult. If you are looking to purchase a new home you may be able to find an owner finance situation. I'm not sure if there are a lot of homes in Cali that are open to owner financing, but I have seen several self empoyed buyers in your position closing homes in Oregon with as little as little as 10% down. There are some "special" refi programs that pop up time to time. I successfully refinanced my home a few months ago with stated income. My original loan was with Countrywide and Bank of America allowed a stated income, no appraisal refi that dropped my interest rate 2%. The catch with my refi was that it was purchased by Freddie Mac and I only had one mortgage at 80%. There are programs out there, but you need to be very savvy... Being lucky doesn't hurt either. Seems like credit is really starting to loosen. Contacting your banker (or a mortgage broker) regularly may eventually pay off. Good Luck!
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Thu Feb 5, 2009
Your bankers are right Bb, there's not really any stated income programs around any more, other than with maybe some hard money lenders.

Those programs went bye bye in '08 because of rampant abuse in the lending industry, and also because no investors want to buy them.

Unfortunately you're prbably gonna have to either fess up and declare all your income or keep the loan you have :(
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