Self Employed Mortgage Quote Options for Business Owners
By Christopher Wright
It was a hard decision. The first few years were very lean times indeed, but you sustained and prospered. You have joined the ranks of being a self employed small business owner and now you want to purchase a new home. But now you discover getting a mortgage as a business owner is totally different from obtaining financing as an employee. You need a self employed mortgage.
As an employee, all that was required was your W2 s, verification of employment, and a few other documents. As a business owner, there is much more needed to qualify for a mortgage. You ll need the last 2yrs tax returns filed by the business. Your company s bank statement may also be asked to be presented. Don t have any current profit & loss statements or business plan for the business, well now is the time to begin thinking about getting them together.
Seems like a lot of information doesn t it, well not to worry there are several alternatives. Today s mortgage lenders are far more financially creative than the previous generation of lenders were. Today you have many options.
There s the well known stated income loan. This is where your income isn t verified. What ever you put on the application is what your financing will be based upon. Yes, there is a catch. The income has to be within reasonable range of income for the profession you claim. You can t say you work at a fast food restaurant as a fry cook and list a doctor s salary. The two doesn t blend together well. Also, this mortgage instrument is also based on your middle credit score.
Then you have mortgage products where your credit score isn t considered at all. This mortgage may be based on your assets. They may want to see that you have at least 12 months worth of payments in the bank. And what s even better, some lenders will allow funds within your retirement plan (401k, IRA, etc) to count as the verifying bank account. Times are very exciting now. Take action and take back your dream of home ownership. Get a free no risk private self employed mortgage quote online.
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