Think you can't get a home loan if you're self-employed? You actually can, and it's easier and cheaper than you might think. Let's look at Colorado Self-employed Home Loans.
In the old days before the recession, you could walk into a bank, verbally tell them how much you make, and walk out approved for a home loan. These days, things have changed. Of course, this is generally a good thing — it will keep people who can't afford to make payments from taking on too big of a house. This, in turn, should keep the housing market from disintegrating the way it did 10 years ago.
However, there's one group of people who have been left out in the cold by the new Dodd-Frank regulations — the self-employed. You can have spotless credit and a healthy down payment, but if you don't have those official pay stubs, the bank could slam the door in your face.
A lot of self-employed people give up there, assuming that there's no way they can get the funds they need for their home purchase. Thankfully, there is another route.
Home Loans for the Self Employed
Colorado Self-employed Home Loans do exist but you won't find them at the bank. Where you will find them is with private lenders. Private lenders work outside the conventional banking system, so they aren't as beholden to the regulations as the banks. That means they can choose to take on a risk and loan money to a home buyer if they want to.
There are a few distinct advantages to this approach. The biggest is that you don't have to produce pay stubs; you can show a bank statement or a tax return instead. You can also get approved much quicker (as little as 1-2 days) and get the money much quicker (sometimes as little as a week). And, because it's private money, the lender is flexible; you can work together to find terms that work for both of you.
Self-Employed Home Loans in Colorado
Looking for a self-employed home loan in the state of Colorado? You've come to the right place! We specialize in these types of loans and offer some of the best terms in the business, including credit qualifications down to 620, rates as low as 4.99 percent, and no prepayment penalties. Give us a call today to find out how we can help!
Level 4 Funding LLC
Hard Money Lender
Hard Money Loans
Hard Money Loan
Arizona Tel: (623) 582-4444
Texas Tel: (512) 516-1177
Dennis Dahlberg Broker/RI/CEO
NMLS 1057378 | AZMB 0923961 | MLO 1057378
22601 N 19th Ave Suite 112 | Phoenix | AZ | 85027
111 Congress Ave | Austin | Texas | 78701
About the Author: Dennis has been working in the real estate industry in some capacity for the last 40 years. He purchased his first property when he was just 18 years old. He quickly learned about the amazing investment opportunities provided by trust deed investing and hard money loans. His desire to help others make money in real estate investing led him to specialize in alternative funding for real estate investors who may have trouble getting a traditional bank loan. Dennis is passionate about alternative funding sources and sharing his knowledge with others to help make their dreams come true. Dennis has been married to his wonderful wife for 43 years. They have 2 beautiful daughters and 5 amazing grandchildren. Dennis has been an Arizona resident for the past 40 years.