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Hi, I want to find the best lender for my situation, not sure what direction to take. I am self employed and don't have the necessary documents to apply for a traditional loan. Hard money loans are too expensive for me. Should I deal with private lenders or credit unions? What rates can I expect given the market situation right now? How many companies should I inquire with? I know that it's good to compare rates and services by Evanskayla795 from Madison, Florida. Nov 21st 2022
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
Self employed and not showing enough income on tax returns to qualify is a very common problem. The most popular route for these people is a Non-QM bank statements for income proof loan. Under these programs, you will be required to document you are self employed, put (usually) at least 20% down, and then instead of tax returns for income, we use the deposits in your bank account. Typically we use 100% of personal bank statement deposits, and 50% of business bank statements deposits as qualifying income. Everything after that is a pretty normal loan. I have a page on my website at https://joemetzler.com/no-doc-loans/ with more information. I lend for these loans in MN, WI, IA, ND, and SD. Cambria mortgage, NMLS 274132
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