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Business 916-435-5993 Toll Free1-800-277-7926 |
Because
Experience Matters |
Cell 916-276-2814 Fax 916-435-4293 |
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Self
Employed Borrowers With the increasing number of self-employed individuals there is now a greater need for a special category of mortgage loans for self-employed borrowers. While loans for the self-employed have been around for many years, recent streamlining of some programs make the process simpler and easier for self-employed borrowers The primary problem that self-employed borrowers face is that while their accountants are experts at reducing tax liabilities by minimizing current net income, underwriters rely on that same net income as a gauge of a self-employed borrower's earnings. Self-employed individuals are not necessarily more or less of a financial risk than employed borrowers. However, the manner in which borrowers are reviewed by underwriters for loan approvals can often make a self-employed borrower's financial position look worse than it actually is. In addition, more paperwork is usually required for conventional programs. Many self-employed borrowers do not show sufficient averaged tax return income to qualify for the loan they need. For example, if a business owner suffered a difficult year in 2001, but in all years before and after that income was significantly higher, then the averaging method of analyzing income would unfairly deny the borrower a standard loan. Contact me and we can explore your options together. Or fill out the FREE, No Obligation Pre-Qualify form and take the first.
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