Self-Employed Mortgage Solutions
mortgage95 offers several innovative mortgage prgrams for self employed borrowers. With over 20 wholesale lenders, we have the programs to meet self-employed borrower's needs. Here are brief overviews of programs that may help. Each financial picture is different. Your licensed mortgage broker can help decide which program may be best for you.
Bank statement Analysis for Qualifictaion
Some of our lenders allow us to calculate income based on bank statement deposits (either business or personal bank statements). By utilizing this method, we need to analyze bank statements for 3, 6 12 or 24 months depending on the program. The more months reviewed will result in better terms as it is shows more stability. It is important for us to shop different lenders for a couple of reasons - terms vary by lender and income calculated varies by lender.
Lender guidelines cause different incomes to be determined by reviewing the same bank statements. This means that even though we are analyzing the same bank statements, each lender will determine a different amount that we can use for income qualification. This happens due to expense factors allowed with their individual guidelines. The lenders will look at three items for this calculation - Type of business - product or service, employee count and deposit outliers. We find that submitting to multiple lenders at time of pre-approval allows us to get the best terms for our clients.
Debt Service Coverage Ratio
This program is for our clients looking to buy an investment property. Through our wholesale lenders we are able to finance an income producing property from one to twenty units. This also allows for condo and planned unit development properties.
Quailfying does not take into account income or employment documentation. The borrower qualifies by the forcasted rental income produced by the property being purchased or refinanced. Qualifying is simple - if the renatl income is the same or exceeds the mortgage payment (PITIA) the borrower qualifies. If the rental income is found to be less than the mortgage payment, there are programs available for qualification as well.
These programs allow for title to be in an individual's name or an LLC.
For more info, get in touch.