Owning a home is a goal many people want to achieve. Regardless of whether they are employed by the government or run their own start-up, people work hard to make their home a reality. Unfortunately, many don’t have the financial assets to make that happen. This is when specially designed loan programs and mortgages offer a solution.
Among these borrowers are those who are self-employed. Unlike for non-self-employed borrowers, it can be hard for people to get approved for a mortgage when they are self-employed. There are many reasons for this, including fluctuating income, income reflected on tax returns, and write-offs. In addition to that, there are other requirements that a self-employed borrower needs to fulfill for a successful application process.
We here at Florida State Mortgage Group are one of the leading mortgage lenders in Fort Lauderdale. Over our years of helping clients fulfill their dream of owning a home, we have gained sufficient expertise in providing a self-employed mortgage.
We focus on each client, making sure they find an appropriate solution to their financing needs. We try to find self-employed mortgage solutions with low rates and increased income consideration.
You can talk to one of our loan officers to find out your options for getting qualified to receive a self-employed mortgage in Fort Lauderdale.
There is no simple yes or no answer to this question. The reality is that not all lenders and lending institutions require 2 years of documentation. For instance, government agencies like the FHA and VA do need 2 years of both personal and business income tax returns. On the other hand, the same loan programs may also offer more leniencies for other income considerations.
Unlike these, conforming and conventional loans require only a year’s worth of records of personal and business income tax returns for a self-employed mortgage. These are used to determine the borrower’s qualifying income for the mortgage.
In order to get approved for a self-employed mortgage, the borrower needs to prove that they can afford it. There are various requirements that lenders need to be fulfilled to prove stable earnings. Some of the other requirements for a self-employed mortgage in Fort Lauderdale include:
The license and business maintenance are to validate the legitimacy of your business. A mortgage lender in Fort Lauderdale may require an accountant to put together your profit and loss statements along with required tax documentation.
Both credit score and credit history are beneficial for qualification. They communicate that you are financially responsible and will pay back your loan within the stated timeline. However, it is not the end-all of the application process.
Also, you’ll need a sizeable down payment, unlike mortgage applicants who are employed at other companies. This will mean that you will owe less money, which is less financially risky.
Lastly, the field of business you’re in and the type of company (sole proprietorship, partnership, LLC, or corporation) will also impact the decision.
Florida State Mortgage Group, Inc. is located on 1512 E Broward Blvd #204A, Fort Lauderdale. From Fort Lauderdale-Hollywood International Airport (FLL) head northwest toward Terminal Dr/Upper Terminal Dr and use the right 2 lanes to turn slightly right onto Terminal Dr/Upper Terminal Dr. Then use the left lane to keep right at the fork and follow signs for Departures and use the left lane to continue toward US-1 N. Next, keep left at the fork, follow signs for US-1 N/Ft Lauderdale and merge onto US-1 N. After that merge onto US-1 N and keep left to stay on US-1 N. Finally, turn right onto E Broward Blvd and Florida State Mortgage Group, Inc. will be on your right.
We are open Monday - Friday 9am - 6pm, Saturday - Sunday 10am - 4pm.
Florida State Mortgage Group, Inc. is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.