Seriously! Is there anybody who still thinks the self-employed have it easy? You know, like the song says, "they see you havin' fun just a-lyin' in the sun?" Those of us who are self-employed or work with the self-employed know otherwise, and you could argue that owners of businesses, large and small, spend as much or more of their time taking care of business than those getting a paycheck from someone else. None of this 'work from home in my pajamas' stuff for the majority --- that's for sure.
I don't care how successful your S-Corporation or partnership may be. When you go to get a home loan, there will be a new sheriff in town --- your mortgage lender. So before your loan process gets hung up at high noon, I thought I'd let you in on a secret about how most lenders will qualify your income. Let's go, amigo. We're burnin' daylight.
Check Yourself Most of what we focus on below will pertain to the self-employed partner or owner in an S-corp. The widely-accepted definition of 'self-employed' is greater than a 25% … (12 comments)
There will be no profanity in this post, just in case you get the cultural reference in the title. I won't even repeatedly scream at you. Instead we're going to cover a topic that sidesteps injustice, drama or even frequent occurrence, but it deals with a scenario that comes up occasionally and when it does, there is quite a bit we should know before taking action. So let's talk about closing a residential real estate transaction in the name of an LLC or other business entity, like a partnership or a corporation. Can you do that? What's … (23 comments)
It is no secret that the self-employed have their share of challenges when it comes to getting a home loan. And why wouldn't they? On one hand, their tax professionals spend hours maximizing their deductions and helping them "write off" every allowable expense and on the other hand, their mortgage loan advisor tells them they have to show more income in order to qualify.
The difference of intentions is like two trains moving in opposite directions...
Yet, there may be a solution for some of these borrowers. On both the purchase and refinance side, we have a jumbo mortgage program that … (1 comments)
It's hard to believe sometimes, but I've been in the mortgage business for nearly fifteen years. So please give me the benefit of the doubt when I tell you that not a day goes by when I don't hear a client or prospect utter something to the effect of, "Oh, but I don't remember having to provide all this information the last time!"
"Last time" is not hearkening back to, of course, some bygone paleolithic era of home lending. Remember, I measured my tenure in years, not millennia. In this case, I might only be … (0 comments)
How to Rock Getting a Mortgage If You're Self-Employed!!!
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