Posted on: 21st Jul, 2011 11:36 am
Hello, I am looking for mortgage for a self employed that has a 1.5 million dollar business that is paid in full! My accountant shows a small income. Do have bank records to show past deposits for 3 years every friday. Would like to put cash down of 25% towards mortgage! Credit at 781 so that is not an issue! Anyone that can help put me in touch with a person for this type of loan, please let me know!
There are stated income mortgages for self employed in a select few states.
Length of employed is verified by a letter from your accountant stating you have been self employed for "X" years (needs to be 2 or more years).
Down payment is usually 35% or more.
There may be other out of the ordinary mortgages available, I do not know 100% of everything.
You may get a better answer if you at least note the state and county in which the purchased property will be. Some mortgage programs will unique to a county.
Length of employed is verified by a letter from your accountant stating you have been self employed for "X" years (needs to be 2 or more years).
Down payment is usually 35% or more.
There may be other out of the ordinary mortgages available, I do not know 100% of everything.
You may get a better answer if you at least note the state and county in which the purchased property will be. Some mortgage programs will unique to a county.
John is correct, for a lender to not look at income, you would be looking for a hard money or private lender, and they will require 35% down at minimum. Contact a few lenders in your area to see if they can assist you. And like John said, what state are you in, then we may be able to point you in the right direction. Good luck!
