IGotAMortgage Inc.
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New Self Employed Mortgage

New Self Employed Mortgage

The twenty-first century is seeing an increasing number of people who are working from home or otherwise self-employed. This trend is slated to continue to escalate in the future. Being self-employed holds many benefits. You can set your own hours, work at your own pace and there’s no long commute each day. But when it comes to buying a house, being self-employed is normally a huge determent.

The Laws Have Changed
Because of the changing laws concerning home mortgages, it is now even more difficult for the average self-employed home buyer to get the mortgage they need with reasonable terms and interest rates. Most mortgage lenders will turn you down without much discussion.

The main problem is proving your income.Self-employment income is often difficult to verify. In the past, individuals were allowed to simply use “Stated Income”, but the laws have changed now making it necessary for self-employed individuals to request copies of their tax returns for the last two years.

These tax returns must come directly from the IRS and the amount you can state as your income is your net income as stated on your tax returns. This amount of net income is used for income qualification purposes. Many lenders also require a 30% down payment for the self-employed. Other requirements can include having at least six months cash reserves in a bank account to cover all expenses.

Solutions that Work from I Got a Mortgage Inc.
I Got a Mortgage Inc. now offers excellent solutions to those who are self-employed. We understand the complexities of real-world finances. We help people every day who are self-employed or have been through debt consolidation or those with poor credit scores. Whether you’ve been through a divorce or have less-than-perfect credit, I Got a Mortgage Inc. can help.
Our unique business model allows us to utilize an innovative mortgage brokerage philosophy to help you get the real estate loan that you need. We begin with the old-fashioned concept of simply getting to know you. We learn about your business and your individual situation. We explore all options available to you. We use our extensive resources to make your dream of home ownership a real possibility.
At I Got a Mortgage Inc. our purpose is to bring genuine value to your individual situation. When conventional mortgage loans are not a viable option, choose I Got a Mortgage Inc. We have programs designed to empower you with the confidence you need to move forward with your real estate purchase.