Does anyone know how a self-employed small business owner can get a home mortgage loan? Is this even possible?
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I am looking into purchasing a home, but being a small business owner for less than 2 years has made it impossible. Are there any loans out there for small business owners? Please help…….
Once you have 2 years you will not have any problem. You are not treated any differently then someone in the job sector, they have to have 2 years also.
You probably need to wait for 2 years of business to be able to qualify UNLESS you’re married and spouse has income also.
You should contact a reputable mortgage broker who can tell you your options and how they can assemble a loan application. A mortgage broker can contact MANY lending institutions to see what their lending criteria is and can shop your loan accordingly. Don’t pay any fees upfront except perhaps to pull your credit report.
If you have a large down-payment like 20% or above, it may be much easier for you to get a loan.
YES!
Best simple advice I can give you is find a GOOD mortgage broker. Do not waste your time or credit score by using places like lending tree, more inquiries lower score.
If you don’t know who to use, try a local real estate investment association. The National REIA web site is http://www.nationalreia.com/ you can find local clubs there.
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