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Hi - Self Employed, need lender.

Had declining income 2008-2009. Can anyone help?
  • September 22 2010 - Buckeye
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Answers (7)

Are you tired of being denied a refinance or home purchase simply because you write off most of your business expenses on taxes? We are one of the few lenders in the country that can assist self employed people! You can now use 12 months of personal or business bank statements to qualify. Tax returns NOT required! Serving the community for over 70 years.

[content removed by Zillow because of violation of Good Neighbor Policy.] 
  • October 05 2013
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Wow, sorry my answer being removed for "self promotion" when the question asked is "Can anyone help."  I guess I am still learning the rules here.

  • September 23 2010
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Great questions Jay... but declining income in itself screams possible loan purchase denial from the investor and underwriters stay clear of those red flags. It stinks and makes no sense for many consumers.

I just turned down a 700k loan on a property worth 2.5 mil, 800+ credit score and liquid assets over 1 million and a 15 million net worth. Client had declining income, debt ratio over 55% and there were no guarantees the investor will purchase the loan. I had to tell him no as the opportunity for disappointment was huge. 

Kind of difficult telling someone with a net worth of 15 million you have to turn them down.... very humbling...
  • September 23 2010
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Here are some questions so that people can better answer your question:

How long have you been self-employed?
Can you qualify off of your 2008-2009 income?
How does your 2010 P&L look?
What are your credit scores?
  • September 23 2010
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Dear Blue:

I can refer you to some lenders. If they do not qualify you after reviewing your situation, also have some "hard money" lenders. Interest rates are higher as they accept greater risk scoring.

Jeff Masich
HomeSmart Realty
Scottsdale

  • September 22 2010
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Warning:  No matter who the lender is, you will be required to jump through fiery hoops. Self employed with declining income in recent years are HUGE red flags for underwriters.

Choose your lender very carefully.
  • September 22 2010
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  • September 22 2010
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