here are some very large typical borrower who collects a
advantages to being salary for his livelihood."
self-employed. But along
with the freedom of being your Here are some quick pointers on
own boss, most Bay Area residents shipping for a loan when you're
probably thought one of the self-employed:
things they wouldn't have much
choice about is their mortgage. * Look for lenders that will let
After all, mortgage lenders are you verify your income in ways
traditionally hard on that don't require tax returns or
self-employed borrowers right ??? pay stubs. Bank statements, for
Well that may not be as true a example, can be much better
statement as it used to be. indicators of cash flow. There
are even lenders who will accept
In fact, Luke Currier, a Mortgage a 1099 form as evidence of
Expert with Peregrine Lending income.
Company says it might actually be
easier to get a mortgage when * Explore no-doc loans. No-doc
you're self-employed... If you means what it sounds like - you
know where to look. "What most don't have to provide all of the
Bay Area residents don't realize supporting documentation most
is that many banks are looking to borrowers do. These types of
work with self-employed loans ask for no information
borrowers," says Luke Currier. about where you work or how much
you earn. You'll usually need
"Many banks have designed unique reasonably good credit scores
loans to cater to the (620 or more) and at least 5%
entrepreneur; you might actually down payment/equity for this type
wind up going through less hassle of loan.
during the process than the
* Get your accountant to sign off it easy to get the home you want
on a profit & loss statement. at a price you can afford.
Some lenders can use these as
verification of your income from All this said it seems that
self-employment. This should be a getting a loan could very well be
simple thing to put together, easier for the self-employed
especially if you have an borrower to obtain home
accountant prepare your taxes financing. As always it is best
every year. to do adequate research for
yourself and always ask for
* Ask the experts. Entrepreneurs references when speaking with a
don't have the time to shop potential mortgage banker or
around for lenders who offer broker. If someone can't give you
these kinds of loans. So do what at least 3 people that you can
you'd do in your business. Ask an talk to about the service they
expert. Mortgage brokers have received from that broker, then
access to dozens of lenders and they aren't worth trusting your
mortgage products many people largest financial transaction
don't even know exist. They can too.
streamline the process and make
About the Author:
Walnut Creek, California-based mortgage experts Ed Jeffry and Luke Currier specialize in providing information to consumers that allow them to make informed decisions about their mortgage financing options. Visit them at http://www.BayAreaLoanAdvisor.com or call them at Peregrine Lending at 925-627-2649.
Read more articles by:
Ed Jeffry
Article Source: www.iSnare.com 
