Self-Employment Mortgages Just got easier!

Financing - Home Loans in San Diego, CA
For the 14-million self-employed borrowers nationwide, it's getting easier to get approved for a mortgage.
Recently, Fannie Mae issued new loan guidelines related to self-employment income in 2017!

Some of the highlights include a documentation reduction from two years of federal income tax returns to one, in certain cases; and, a new income calculation for business owners with little or no history of distributions.

Another new program requires NO Federal Tax returns! This is the 12 & 24 month Bank Statement Program…
New guidelines are also more friendly toward "moonlighters".

Borrowers with self-employment income from a second, non-salaried business are no longer required to show proof of income if they're qualified based on the income from their "salaried" job.

Commercial and Multi-Family Lending

If you have never borrowed money for your business before, you may be in for a surprise. Whether you want to borrow working capital to expand your business or leverage equity in a commercial real estate venture, you will soon find out the commercial loan process is very different from the more common home mortgage process. Commercial loans, unlike the vast majority of residential mortgages, are not ultimately backed by a governmental entity such as Fannie Mae. Consequently, most commercial lenders are risk-averse; they charge higher interests rate than on a comparable home loan. Some lenders go a step further, scrutinizing the borrower's business as well as the commercial property that will serve as collateral for the loan. This means that the business borrower should have different expectations when applying for a loan against his commercial property than he would have for a loan secured by his or her primary residence. To learn more about commercial and Multifamily loan programs call Jon Rozansky today.