Are there loan programs for the self-employed with hard to document income yet,  making good  money?

 

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“Are there loan programs for the self employed with hard to document income, yet making good money?”  Definitely.  Across the United States, more and more people are showing good growth in their income, but by aggressively playing the tax game, show very little net income. Many business owners and entrepreneurs understand the importance of keeping a positive credit rating.  To avoid the issue of a full documentation mortgage, many business owners and entrepreneurs have opted to increase the amount of down payment.  Many lending entities are aggressively lending to these groups because they understand that they have high cash, and have the ability to pay their mortgage obligations. 

Within the mortgage industry these types of loans are commonly referred to as “No-Doc” loans abbreviated for no documentation in the way of income.  Most of these types of loans however will require a good credit rating.  In addition to a good rating many of these types of loans may require a larger down payment when compared to the down payments on conventional loans.  The increased down payment gives the lending source a sense of security in the loan due to an increased equity position.

The loan professional that has made this information available to you specializes in assisting those individuals with that are self employed with obtaining a home loan whether for purchase or refinance.    Your loan professional in most cases can advice you on the best approach and help you with your specific loan requirements.