Qualifying for a loan can be complicated. Bank underwriters look at income, assets, liabilities and credit history. They look at the amount of money you are borrowing vs. the value of the property your purchasing or financing. They look at the amount you earn vs. the amount you pay out monthly. They look at where your down payment or refinance money is coming from and many other things.

They look at your employment history and whether or not your self employed; what your gross income is and how often you get paid.

Mortgage lenders evaluate income for self-employed people differently than for W-2 wage earners. If you own more than 25% of a Subchapter-S Corporation, the bank views you as self-employed. And, if you earn more than 25% of your income from commission lenders view you as self employed.

Here is some basic information we want to know:

  1. What is the price range you're looking for?
  2. How much money do you have for your down payment?
  3. Does this include your closing costs and pre-paid items?
  4. Do you want your monthly payment to include your property taxes and homeowner's insurance?
  5. How much do you make on a gross monthly basis?
  6. What are your current liabilities? (This means the minimium monthly due for installment loans and credit cards)

There are literally thousands of options to explore; 30-year fixed, 15-year fixed, 1-year ARM, 10 year ARM and more. You might qualify for a no money down, no closing costs finance plan or you might qualify for a 3% down program instead. Some loan programs offer special features such as interst only. We help you figure out the right way to go.

Now contact a loan officer
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