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are there any more mortgages out there for the self employed

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January 19 2009 - The Woodlands
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Yes there are still many options for everyone that is self-employed.  However, your expectations must be changed due to our economy and market conditions.  To still obtain the best available rates and programs, an average of your Ajusted Gross Income for the past 2 years will be verified.  As long as you have enough working cash flow, you can still qualify.

The other expectations that we all must adjust to, is that the alternatives (bank statements, no income, assets only verifications) are all higher risks to banks today and are possible but at a high price.
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January 20 2009
Yes but they must be Full Documentation and must be able to show 2 Years personal returns as well as 2 Years coporate returns.  No more stated loans unless your LTV is below 65% and you are prepared for very high rates.
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January 20 2009

I assume you're asking if there are "no doc" loans still around. Probably not, from what I'm seeing. At best, a stated-income loan with assets verified, great credit, and great LTV. Jason below mentioned 80LTV...but I'm seeing 65% at best. Also, be prepared to sign a "4506" tax authorization form. Lenders use this for QC...if the loan has late payments they'll get a copy of your returns right from uncle sam and compare to what's stated on the loan.

If on the other hand you have sufficient income reported for the loan you're looking for, along with decent credit and equity, you should be fine.

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January 20 2009
Yes, there are still loans for those who are self employed. Credit scores must be high and expect full docs.
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January 19 2009
If we are talking stated loans, then yes, there are very few lenders out there still doing them. Be prepared to verify assets and expect a high rate. On the programs that I am aware of, maximum loan to value is 80%.
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January 19 2009
Stated loans? You'll find it hard to find a lender doing them anymore. Most lenders I use, require 2 years of tax returns.
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January 19 2009
 
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are there any more mortgages out there for the self employed
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January 20 2009 | 6 answers
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