Business Owner Mortgage Loan

By knowing the new rules and meeting all of the requirements for a post housing meltdown mortgage loan even as a small business owner you should have few difficulties with obtaining financing for your next residence.

Business owner mortgage loan. Welcome to the forums. Good news for the nation s 14 million self employed workers mortgage lenders are making it easier to get approved for a purchase loan or home refinance. In the fallout of the subprime mortgage crisis of the late 2000s tighter regulations were put in place to prevent lenders from exploiting high risk borrowers.

Roger is an owner and licensed loan officer at the blue water mortgage office in hampton nh. In fact lenders prefer to loan money to lessors rather than funding business owner tenants occupying the commercial spaces. These are allowed on home purchase refinance and cash out refinance.

Commercial loan approval depends on your creditworthiness as a business owner. Whether owner occupied or simply sought for investment purposes specialized property types receive unique consideration from lenders including these dedicated uses. 95 of the property value if you re able to provide 2 years worth of tax returns along with your notices of assessment as well as your australian business number.

When a lender grants a loan they trust that your company will produce enough profits to pay back the mortgage. If you re able to meet all other standard bank requirements you may apply for a full doc loan with a major bank. Roger graduated from the university of new hampshire whittemore school of business and has been in the mortgage industry for over 15 years.

It s one of the biggest investments you ll ever make. This is why you should take all the precautionary steps to ensure a smooth process. Applying for a mortgage always has its complications but if you re a small business owner the burden could be even trickier.

If you don t submit loan documents properly it could create problems that are hard to fix explains finkelberg. As a business owner and financial advisor to many successful entrepreneurs i know that traditional mortgages government approved by agencies such as fha fannie mae freddie mac cap your. Other tips on getting a mortgage buying a home is a decision that should be well thought out.