Are there loans for self-employed with hard
to document income?
Across
the United States, more and more people are experiencing growth in their
income, but due to taxes, they show very little increase in net income. 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
their down payment. Many lending entities are aggressively lending to this
group of individuals because they understand that the higher level of cash
gives them 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 of
income. These types of loans
require a good credit rating and many also require a larger down payment
as compared to down payments required on conventional loans.
The increased down payment gives the lender a sense of security in
the loan due to an increase in owner's equity.
Landmark Mortgage
specializes in assisting self-employed individuals with obtaining a
home loan whether for purchase or refinance.
We can advise you on the best approach and help you with your
specific loan requirements.
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