If you’re self-employed, there are some new loan programs that can help you qualify to purchase a home or investment property.
Today I’m joined by Steve Hankla of Doorway Home Loans to provide some quick tips for small business owners, independent contractors, and others who work in the gig economy on how they can qualify to purchase a home or an investment property.
Prior to the market crash of 2008, self-employed borrowers only needed to state their income and their assets to qualify for a mortgage loan, but that’s not the case anymore.
However, about a year or two ago, some mortgage companies started offering “non-QM loans” that are ideal for small business owners. With these programs, you can use bank statements (personal, business, or a combination of both) to qualify to buy a property. Depending on the program, you can use one month’s worth of statements or a broader spectrum of, say, the past 24 months.
If you want to buy a home within the year and want to qualify for one of these loans, you need to start doing some tax planning. Steve, for example, likes to look at his clients’ tax returns beforehand and review their deductions in case there’s a problem. Resolving any issues means a world of difference in terms of qualifying.
If you have any more questions for Steve about this topic or you’d like to get started with the loan qualifying process, you can call him at (714) 470-5626, email him at Steve@gotoloanpro.com, or visit his website SteveHankla.com.
As always, if you have any other real estate questions for me, don’t hesitate to call or email me anytime. I’d love to help you.