Stress Free Mortgage

What are the options these days for the self-employed person that wants to purchase or refinance?
There are many myths about mortgage financing when you’re self-employed, and while it can sometimes be a real challenge, it’s important to know what options are available.
Generally speaking, the easiest qualification is to be able to show tax returns for the past two years and average that income. If your tax returns don’t support the loan, then we look outside of the box for solutions, for example in some cases, we are able to use only the last filed tax return. Depending on the timing of your purchase or refinance, this can make all the difference.
If your tax returns don’t show enough income to qualify for a loan using conventional financing, then we can look at the many other alternatives available to us. As a mortgage broker I have access to over 40 different lenders that specialize in different lending situations. Some of the most popular ones we often utilize are using your business bank statements deposits. Each lender we have has their own formula for qualifying, some will use 50% of your deposits without ever looking at the business expenses. Our job is to evaluate your entire situation and determine the best strategy to obtain a loan at the lowest possible rate. Regardless of if you have an S-Corporation, partnership or LLC, we generally have programs available to fit your situation. Even If you receive 1099 income and file a Schedule C, we have programs that fit your needs.
The bottom line is that you need someone familiar with all types of income and loans to review your specific situation and find a loan that works for you.
Feel free to reach out to me anytime to go over your situation. Stress Free Mortgage is located at 25115 Ave. Stanford, Suite B220, Valencia. For more information please call us at 661-295-0555. Stress Free Mortgage is a California Corporation licensed by the Department of Real Estate, License #02012819 , NMLS# 1520664/291429. Also Licensed in Texas, Florida and Colorado.