While you are busy running your business, you need someone that understands business income when it is time to buy a home or refinance an existing home, as determining your true income can be difficult.  If you are a business owner considering a home purchase or refinance, let’s talk!

Related Article Title: Determining the Financial Strength of a Self-Employed Borrower Question: My client owns a business and I am trying to decide the best way to demonstrate the criteria of “the ability of the business to continue generating and distributing sufficient income to enable the borrower to make the payments on the requested mortgage” […]

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

No Credit Score?  There are home financing programs available for people who do not have a credit score, so don’t let that hold you back!  Let’s discuss your situation to find out some of your options.

Related Article Title: Conventional Loans with No Credit Score? Question: Can you get a Conventional loan with no traditional credit and no credit scores?  If so, what are the parameters,  and guidelines that must be met? Answer: Yes, both Freddie Mac and Fannie Mae will allow it.  However, Freddie allows you to go to 95% […]

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

Life Happens!  Some people believe the worst about their credit issues and spend years in the renter’s cycle.  Let’s discuss your situation; let me take the fear out of your mind and help you make a plan to own a home!

Related Article Title: Date Used for Derogatory Credit Waiting Period Question: We are working on a conventional refinance where the borrower had a derogatory credit event.  To ensure that we meet the seasoning period required by Fannie Mae, what is the date that they use for the waiting period? – Mortgage Currentcy – Derogatory Credit […]

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

What are “Liquid Reserves”?  When buying a home, lenders will look at your overall financial situation.  Depending on your strengths or weaknesses [and trust me, most people have weaknesses so don’t let that hold you back], the underwriting systems may require reserves in order to qualify for a loan.  Reserves show a lender that you still have some money left over after closing, to demonstrate financial stability.  Reserves are not always required, so let’s talk and review your personal financial situation.

Related Article Title: Can Employer Profit Sharing be Used as Reserves? Question: Can we use profit sharing from an employer as reserves on a Fannie Mae loan? Answer: Here is what I have in the selling guide for Fannie Mae (Freddie is basically the same).  Unfortunately, this is not listed as an eligible asset.  I […]

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

If you are self-employed, don’t be intimidated by the home financing process. Sometime people are unsure or fearful of the process, but they don’t need to be. I’ll help guide you through what home lenders are looking for in order to help you buy a home or refinance the one that you own.

Related Article Title: Adding Back Car Expenses for Car Service Drivers Question: Will Fannie Mae allow car expenses [located on Line 9 of the Schedule C] to be added back to income for a sole proprietor? Answer: Unfortunately, you cannot.  You can also use form 1084 which specifically identifies how to calculate income for a […]

A subscription is required to access this content—please view our available subscription options. If you are a current subscriber, please log in.

Scroll to Top