Loans for Self-Employed
For a certain kind of borrower…
For many people, being your own boss and owning your own business is one of the pillars of the American Dream. As with anything in life, however, there are downsides and risks with joining the ranks of the self-employed, and one of them is the increased difficulty that can sometimes arise when seeking out a large loan or a mortgage.
It’s not that there are added onerous requirements that make it more difficult to obtain a mortgage for self-employed people; in fact, the standards of credit, income verification, down payment, and debt analysis are the same held for traditionally-employed borrowers. But providing documentation for your income and showing your cash flow can be more of a challenge sometimes, especially if you own or partially own several businesses.
But in this regard, SunQuest Funding is by your side. We are committed to making sure every client of ours hears the word “yes” more often than they hear “no.” We work hard to ensure that our borrowers get approved, which means we need to get the full picture of someone’s financial situation before they apply. In other words, we discuss your needs, not just the loan qualifications, and will be able to guide you to the proper loan.
That’s the benefit of working with SunQuest Funding: we treat you as a person, and not simply a product.
The Devil is in the details…
Since many mortgage lenders require two or more years of steady self-employment before you can qualify for a home loan, the key to achieving your financial goals is to demonstrate this through a variety of documents—from tax returns (personal and/or business), P&L statements, balance sheets, business licenses, and much more.
The good news for you, though, is that we here at Sunquest Funding are specialists at working with people who are involved with multiple companies (for example, those who own a piece of more than one business). We have expertise in pulling out the real income for these folks (which can be difficult) to give them the greatest opportunity for a successful application.