This is unfortunately the way self employed borrowers must ask this question because of the underwriting standards and the box us lenders put them into. This is always a very complicated process for them to be approved but here is some simple ways to find out if a self employed borrower has a chance.
1. Have you been self employed for 2 years?
2. What is your bottom line on your tax returns? (lenders will add back in some depreciation BUT if a borrower writes off a lot on their taxes then lenders will look at the same for income.)
3. Does your business have a license and can we have a third party like a CPA verify your past 2 years work?
4. The rest is your credit, and do you have money (assets).
There is definitely a lot more involved, but at least the above can help get a person started. Looking for any more comments on this and see if there is anything else people have ran into.
Have a wonderful time in this 2010!!! 
For first time home buyers, this is a common question that is either asked or going through their minds. Hopefully I can give you some helpfull information to this question. Lets think of the reasons why people rent, and please add a comment so I can hear some more reasons.
continue reading »
This is a common question that comes up and each situation a borrower might need a little bit more information depending on the underwriters opinion. Here is a general list to go by that will help your home loan or mortgage process go smoothly.
1. A fully executed agreement of sale for the property being purchased
continue reading »
What is the Lowest Down Payment for a Home Loan?
I have seen this question asked a lot lately and only met with a quick answer……..go FHA 3.5% down. Yes, this is a correct answer but there are several more options that many people either don’t know about or don’t care to explore with the borrowers. Today I give you the OTHER programs.
1. VA loan 102% LTV (loan-to-value)
This is a Veteran Affairs loan for, you guessed it, our military. If you are currently in the military or a veteran well, they have a pretty nice loan for you. For more information on this just ask me or visit VA’s website.
2. USDA loan 102% LTV
No you don’t have to be on a farm and no this is not a loan so you can buy some cattle. The USDA has financing available for homes that are located in RURAL areas. Thats right, the catch is the property must be classified being in a rural area by an appraiser in order to get financing. Wonderful program for those who fit that box!
continue reading »
