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Visitor
LookingForA
Posts: 3
Registered: ‎06-24-2008
0

Loan Officer who specializes in Business Owners and Self-Employeds?

We've found that loan officers who understand the tricks of making small business owners and self-employed people good loans aren't exactly falling out of trees.

Our FICO is 791, we have 10% down, and our monthly income is good. But, we have a great accountant and we write off what we can, legally.

Does anyone have loan officer recommendations? If you'd rather reply via email please send a message to lookingforloan@mac.com

Thanks!
Visitor
JenGwen323
Posts: 2
Registered: ‎04-22-2008
0

Re: Loan Officer who specializes in Business Owners and Self-Employeds?

I feel the same way. My husband owns a business and our lender was asking for 15% down. He said we might be able to get an FHA at 10% but it would be for a lower amount.

I'd be interested if you find a great loan officer.
Visitor
ocloanguy
Posts: 2
Registered: ‎07-23-2008
0

Re: Loan Officer who specializes in Business Owners and Self-Employeds?

If you have not been completely bombarded by lenders, I would like to offer a little advice. The last 6 months have been unlike anything anyone has ever seen in the mortgage industry. It’s not so much that one does not specialize in self employed borrowers as it is availability of loan products that allow for minimal documentation. I do still have a few sources for that type of scenario if you still need help.

 

If I can be of service, please let me know!

Regular Contributor
redeye
Posts: 91
Registered: ‎04-02-2008
0

Re: Loan Officer who specializes in Business Owners and Self-Employeds?

I have little to add to this, except to say that I'm in a similar situation. However, the problem for us is that my wife is a small business owner but has been for less than 2 years. It'll be 2 years in November. Before that, she was an employee of the same company.

Even so, it isn't a matter of providing limited documentation. We have tax documents, pay stubs and check receipts fully documenting how much we say we've made over the last two-plus years. It's just the technicality of not being the owner of the company for two years. I suppose that a couple years ago, lenders might have been willing to look the other way.

Basically, what it means for us is being approved for a loan, but for much lower amount than even the lender agrees we could afford based on our current income and debt. But because we're in July and not November.

I get it, but it's just frustrating.

RED