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Self Employed Mortgage: How To Get Approved
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- Äas pĆidĂĄn 20. 03. 2020
- If you're self-employed, there's no need to fear getting a mortgage! We'll walk through the steps you need to take and the 2 types of loans that will help you qualify for a mortgage.
đ§ Listen To The Podcast
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0:37 Why is self-employment income different?
0:59 What lenders want to see
1:50 Where self-employed buyers get in trouble
3:22 2 types of loans
4:23 Impact of tax write-offs
4:53 Net vs gross income
5:12 Documents needed
6:26 Interest rate on traditional loans
7:31 2 main types of portfolio loans
9:32 Down payment requirement for portfolio loans
9:54 Credit score on portfolio loans
10:09 Rates for portfolio loans
11:01 How to prep tax documents with your lender
12:29 Adding a co-signer to help out
13:40 Refinancing out of a portfolio loan
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Hey, my name is Kyle and I'm a Loan Advisor serving Tennessee, Florida, and Ohio. I help you get a crystal-clear home loan so you can win the house you love.
www.winthehous...
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Timestamps!
0:37 Why is self-employment income different?
0:59 What lenders want to see
1:50 Where self-employed buyers get in trouble
3:22 2 types of loans
4:23 Impact of tax write-offs
4:53 Net vs gross income
5:12 Documents needed
6:26 Interest rate on traditional loans
7:31 2 main types of portfolio loans
9:32 Down payment requirement for portfolio loans
9:54 Credit score on portfolio loans
10:09 Rates for portfolio loans
11:01 How to prep tax documents with your lender
12:29 Adding a co-signer to help out
13:40 Refinancing out of a portfolio loan
đ§ Listen To The Podcast
plinkhq.com/i/1493715474
đ° 7 Proven Ways To Save Thousands On Your Home
www.winthehouseyoulove.com/free
your voice and accent sounds great to me.
He's such a great speaker. Organized and very informative.
Thanks so much! Glad to help!
Omg yes! Itâs stressful learning all this yet his tone and how he speaks just calms me lol
Thatâs what made me subscribe after just watching 1-2 videos, incredible channel
This has been the most helpful video I've found about buying a home as a business owner!
Awesome, thanks so much!
I set myself up as an S-Corp, with a W-2, they did ask for the W-2, and I was able to provide it along with 2 years personal & Business or Corp Tax statement or Tax Return. Iâm a veteran so i used a VA loan.
Thanks for sharing!
Kyle thank you for this in-depth explanation of self employed loan programs. You covered absolutely everything I needed to know. I just subscribed because your content is very insightful and thorough.
You're very welcome! I'm glad it was helpful, thanks for watching!
I have looked online for a year on how Home Mortgages work for Self Employed. But I could not find anything clear until I found your awesome video. Thank You.
Glad it was helpful! Thanks for watching. :)
Awesome video Iâm self employed & make a lot of money but I write off everything / thank you this is my Christmas present on Christmas Day
Happy holidays!
Thanks for this video. Im self employed owned my business for 5 years now. I had this problem waiting another 10 months then Im making the plunge. Thanks for this video much needed. Im subscribed thanks!
biggest mistake I made was actually opening the corporation under my name..........they ran in circle for 6 months then denied my loan even tho I paid myself with W2 payroll. what I could have done was either have my parents open a corporation that pays me or even sell my company to them. then i am just like another employee in a company.
Thatâs tough, sorry youâve had a difficult time! If youâd like, I can connect you with a loan officer I trust if you go to my website and click Apply. Best of luck to you! winthehouseyoulove.com
How have I missed this one? I just went independent in an area Iâve worked in consistently for approx 7rs. Just got tired of the middle guy. I heard in another video of yours stating if you had a recent change like this it would be taken into consideration that the field had not changed just the company⊠now hearing 15% down is a new challenge to say the least. I have the credit I have the pay I donât have the savings and itâs just me. I wanted to be hunting lenders in two years not just barely putting a drop in the bucket. Maybe in my state of shock Iâve missed the good news. Iâll rewatch. Thank you! Better to know now than in two years.
Wow! You can also check my recent uploads, thanks for watching!
You have NO idea how helpful this was!! Seriously, thank you so much for this!đđ»
You're so welcome!
so many financing options, even for self-employed people like myself, thanks!
For sure! Thanks for watching!
Thank you for this video Sir. You answered alot of the questions i had. Going on my 4th year in buisness and have had trouble getting a home loan due to poor tax advice. Keep up the great content đ
I don't understand why your video dosen't have at least 1 millions views
Great info to apply for a mortgage as a self employed individual
Thanks! I'm glad it was helpful!
Thank you for the information. Concise, clear and to the point.
Glad it was helpful!
Really good stuff. I have a much better understanding of these processes now. I am a beginner that truly values this video. Thanks
Great to hear! Best of luck!
I appreciate that you got right to the topic and aren't long winded
Appreciate it. Thanks for watching!
Very helpful video,i made the mistake of writing everything off legally but it drastically droppwd my earnings on paper whic now i regret bc on paper it shows i barely made anything but this video has helped alot.income isnt an issue at all, the only issue is that on paper it looks like i dont make or barely make anything due to write offs. This year ill be not putting most offs to make it look i made a profit to get approved,even if i have to pay alot in taxes but i want a house
This was VERY informative. Thank you so much for sharing this valuable information đđŸ
Glad you enjoyed it!
The NET income is the part that gets me every time. I check all the other boxes, but write off a lot of expenses for the business, which in truth doesn't have that high of a profit margin. So my NET income according to my tax returns is pretty low, which prevents me from getting a mortgage. Can't seem to find a way around it... maybe private money is my only hope?
If the business isn't bringing in enough money to pay the mortgage, it might be worth exploring a lower payment amount
Good stuff! This video answered a lot of the questions I've been asking myself as I prepare to buy a home. Thank you sir.
Glad it was helpful!
Dude thank you so much! Such a nice speaker, cant thank you enough. You nailed what i wanted to hear at the end. Thinking about using a non occupant signer while i get my tax returns and net worth corrected. Do you have any videos talking about this last thing? Thanks!
Thanks! I don't currently
I found this older video but you tell it. Thanks.
Thanks for watching!
Good guy!
Supporting you to have more video informative. đ
More to come!
Best Explanation so far. Thanks
Hey there, piyber4! Thanks a ton for the kind words. I really appreciate your support! If you're ready to take the next step and start on a pre-qualification, you can head over to www.winthehouseyoulove.com/lender or shoot me an email at kyle@winthehouseyoulove.com. I'm here to help, so feel free to reach out anytime. Cheers!
A lender I spoke with was unbelievably unhelpful! Didn't mention one thing on hee that you discussed.
Thanks for watching!
His voice is so soothing
Nice video! Educational and visual!
Thanks! Iâm glad you enjoyed!
I learned alot from this video thank you.
Last year i made 80k in gross income
After deductions it drop down to 40k
This year ive made 120k so far. Im guessing after deductions, ny taxable income will be 70k
Im waiting to do my taxes to apply for a loan.
My husband is self employed- sole proprietor. Weâre planning on converting to an s Corp. weâve already filed papers but have yet to operate under the new business name and transfer our contractors license to it. If we switch from sole proprietor to a Corp under a new name do we have to wait 2 years under new name?
This is the guidance I got from our underwriter:
"Difficult to give a timeline here Kyle. This timeline would vary from loan to loan and there would be not set timeframe and would depend on the individual case file you are working on. The timeline may be different for a dog groomer, for example vs a consultant or dentist and the following items should be considered (see below):
Most of it will hinge on how long they were sole proprietor, plus, when did the switch take place (over a year ago, last month, etc). How has the revenue changed from moving to a s-corp; how has the expenses changed from moving to an s-corp; how are they paying themselves (is it a salary and is it in line with the draws they took as a sole proprietor).
Bottom line: 'how long they will have to wait' is dependent upon many things as I noted above and there is no static answer and each loan must be weighed on its own merits based on these and other questions that the lender may need to understand to build a case for using the s-corp income before the next filed tax year."
I am will try to buy a home next year for sure i am self employed and my credit is at 625 i live in tx. Homes are super expensive and i only make around 50k a year how can I qualify for a 280k home? How much income do i have to show fyi i am selling my a home i own and will profit over 90k so i will have a big down payment can you help me ?
Thanks for commenting! To see if you can qualify for a loan, you'll want to reach out to a loan officer who can help. You can click Apply on my website (www.winthehouseyoulove.com/) to be connected with a loan officer I trust.
Thanks for the information, very helpful.
Glad it was helpful!
Currently trying to buy a home.
Wife and I are both self employed. Because we filed for unemployment and currently arenât getting jobs we have been told no mortgage loans will be approved to anyone who is unemployed, even if just for the crisis. Do you know if bank statements loans would do this too and who can I got to for those? I will def be refinancing inside of a year.
Thanks for the question, Dylan!
You're correct about employment. If you file for unemployment, a lender can't approve a loan no matter the program until you're employed again.
For bank statement loans, you'd want to talk with a mortgage broker, but all the bank statement programs I know of have been put on pause because of COVID-19
Win The House You Love thank you for the quick reply. We are considering purchasing it as a real estate investment. With an asset depletion loan? We donât need to officially move into it for 6 months. Trying to come up with a way to get something in the next 6 weeks.
@@YoureSoCool1 hi Dylan im in your same situation, can you explain the real estate investment purchase? are you able to live in your investment purchase ? I would appreciate any info
Thank you ,you answer every question I had great video
Glad it was helpful!
This was incredible advice! Thank you so much!
You're so welcome!
I have been receiving 1099 since 2011 yes my income fluctuates but im consistently receiving income but the lender is still taking their time to approve my loan. My score is 800 . It pretty sad. It been over 3 months with no decision
Ah bummer! I'd switch lenders. No need to stay if they won't contact you in 3 months. Feel free to reach out here for a referral: www.winthehouseyoulove.com/referral
Thank you for the explanation! My husband had a career change that works for a company that gives out 1099 forms so at the moment this seems like our only option. How long after purchasing can you refinance?
If he went from W2 to 1099, he will need to wait a minimum of 2 years on 1099 income
My husband and I accepted an offer from a self employed buyer and it has been a nightmare! The underwriter keeps asking for more time but we have been in escrow for 3 months. We are currently in the process of getting out of escrow and start arbitration.
The lender should be the underwriter
Question, but back story first. I recently started a small business this year and my business income is very stable. I converted my LLC into an S Corp and I plan to pay myself a salary that will be the same each month. I am actively looking for a home and I want to use my w2 wage along with my 2nd job to qualify for a mortgage. My main question is, do I have to disclose ownership of my business to the lender? What if I simply treat my self employment as any other job?
thank you so much! this video made me less stressful!
Glad it helped!
When you say write offs, are you talking tax write offs ? I have an Airbnb business where I use rental arbitrage method meaning I rent and then sublet units. My income is 120000, but after expenses/rent Iâm at about 50,000. I donât think I put my expenses on my taxesâŠwhich amount will banks use to process loan approval?
So Happy I found your channel. I am learning so much.
Awesome! Thank you!
I have been self employed since 1994 and I thionk the BEST wat to buy property is the loan you didn't even mention- the DSCL. (Debt Sevice Coverage Loan) where you use the target property to qualify for the loan.
This video is for people buying primary residence homes, DSCR is investment only.
You don't have to be self-employed to use DSCR.
Excellent Video, Explained It Simply âšđđœ
Glad it was helpful!
Very informative! Thank you
Glad it was helpful!
Please explain 1099 mortgage loan, and how to get approved! Thank you!!!
I'll add it to the list!
đ€
I have a single-member LLC and I operate a fleet with high daily miles. After mileage deductions and repairs, my taxable net income is very low. So let's say I don't take any deductions to raise my net income and pay the taxes for 2 years. Wouldn't it trigger a flag for IRS for all the deductions I took in my previous years?
Hi! As long as those deductions are legal, I don't think IRS will flag you for that. Best of luck!
Thanks for this video.
You're welcome!
Hello, I'm a small business owner. I was going to amend my 2019 taxes to reduce deductions and file for my 2020 taxes with also less deductions to qualify for a mortgage loan here in 2020. The plan was to pay the taxes owed for both. Is this acceptable or should I just wait for 2021 to file again(for maximized approval)?
*When it comes to tax advise, understand you need to consult a CPA
Personally, I'd wait to file 2021. A lender will see the amendment to 2019 and figure you just amended to try to qualify for more and nix the loan
What if ive been self employed for 6 years and make 6 figures but have 5 kids and most of my deductions are fuel and mileage?
Iâm not sure what your question is. Youâll want to talk to a loan officer if youâre looking to see if you can qualify :)
Hi Kyle. I own an S Corp and I am on the payroll as an employee. I receive a W2 at the end of they year. Would the W2 be treated as my official income even though I am self employed?
Yep!
I already provided my 2 years 1099 tax return to lender and signed purchase agreement but my home is still building will I have to provided new tax return before closing
Seems to me basically they wrap you cross the hesd for bettering ourselves. I think. As long as you income is higher than a W2 worker you should be fine. Hell they don't want you to pay nothing off noway. That how they make money to keep us paying. Because contractor sometimes make way more than enough to pay for a home. They don't want that they want control, headache, make sure it's long going for 60 plus years.
This is great video____which do you think is better ?____ higher income with more existing debt or lower income with zero debt? I believe debt to income ratio will be the same for a borrower with $40000 income with $ 20000 outstanding debt and a $20000 income with zero debt, which one is viewed more positively by a lender? Many thanks for your help in advance!
The amount of income doesn't really matter to lenders, but the DTI does.
A $40,000/yr income with $500/mo in debt payments has a 15% DTI before the projected housing payment. And 36% after an estimate $700/mo housing payment.
That same scenario with $0/mo in debt and an estimated $700/mo housing payment with a $20,000/yr income is a ratio of 42%.
So, the 36% DTI would look better than the 42% DTI.
Great video and thank you for your insight. Who do your clients use as co-signers? I don't have parents.
Hi Kyle. I really love how you explain, it really gets straight into my new LOâs braincellsđ but yeah seriously, thank you so much. Would you mind making a video on how to determine the qualifying income for self employed borrowers? How to read tax returns, schedules and which ones to include please. I will really appreciate it.
Thank very informative
Thanks Nicole! I'm glad you found the video informative. Please let me know if you have any other questions about the home buying process.
If you have any questions please email me at kyle@winthehouseyoulove.com
Can I refinance my home and then purchase another one
Yep, you'll need to refinance it into an investment property if you're not going to live in it
If you havenât been self employed for 2years to the date, will having a co-signer on the loan help with approval rates?
Thank you so much for this great video! Where can I buy the tablet youâre using?
You're welcome, thanks for watching!
It's just an iPad :)
Hey, so Iâm a physical therapist for 3 going on 4 years. I opened a C Corp in 2019 for my contracted 1099 work and officially went into business for myself completely in the same field in 2021.I currently work a full time job on top of my business in order to satisfy fha loan requirements. Could I just pay myself a W2, wait to file taxes in 2022, and use a personal income tax return from 2021 to satisfy the requirements?
Im a self employed first time home buyer Which loan program would be best for me if i only want to use 1 year of tax returns because the past years i had too many deductions but for next year taxes im not gonna claim a lot of deductions. Thanks for your help.
The 1099 program is probably your best option.
I just started an ind. contractor position in January. I don't yet have an accountant but planning on getting one. I was also considering opening a sole proprietorship and paying myself but it sounds like i can skip all that and just find a bank statement loan. What do I need to know about shopping for this kind of loan? Thanks Kyle!
Bank statement loans are a good "bridge" while you organize your taxes moving forward. It's not super different than shopping a normal loan, just might be harder to find lenders with those options
Win The House You Love do you have any suggestions? I am looking into new American funding.
I have an LLC but would like to file as an S Corp. How do lenders view income if I do this? I was told by my last tax lady that the bank would not consider any of the income as my own if I opted to file as an S Corp. Is this true?
Does W2s count for self employed for mortgage ?
Great videos - do you happen to have one on Construction to Permanent Loans?
Not yet
A 7% portfolio loan seems pointless. You might as well rent and save/invest and then you will have the money to buy the house before you would have had the money to pay off the portfolio loan.
Hello, I received both 1099 and W2 at the end of the year, which goes by %50/50 of my income would I have a loan with that.
Hi. If I am interested in a property that is 280k but I am only approved for 250k Can I show that I have the difference in cash including 20k for down payment and be approved? I sold my home recently and it left me with a great down payment but I'm really nervous about my ability to get a loan based on high write offs. ...I def want a home more than what a 200k loan will qualify me for
Also, I've been in business 3 years with a steady increase of income.
Which lenders do you recommend
You can text #apply to 937-358-6542 and I can connect you with a Loan Officer
Awesome stuff, thank you!
Glad you liked it!
Kyle thanks so much for your helpful videos! This one was very helpful to me too as a business owner. I was wondering if you know the answer to my question. I am a single member LLC taxed as an S-Corp, which means that I am on payroll and receive a base salary each month that is consistent and this is where most of my taxes are taken out. The rest of my income comes from distributions which I take out from my business bank account about once per month. Do you know if they will count my distributions as income also for mortgage purposes? If my accountant accounted for this on my personal joint married tax return for adjusted gross income, do you think the bank would go with our total adjusted gross income? Thank you!
You're very welcome!
Yep! The lender will count your salary AND your distributions in your income :)
A safe bet is your total adjusted gross income averaged over the past 2 years.
@@WinTheHouseYouLove Thank you! That is very helpful to know!
Thanks for the information đ
You're welcome, thanks for watching!
Kyle Seagraves â winthehouseyoulove.com
What if your LLC is an S Corp and you pay yourself as an employee receiving a W2? Can you approve?
Hey Kyle, very useful video like the other ones you create.
2 Quick question
i moved to Maryland on GC in Aug last yr. I got my job this month and it pays 100k and I have good credit. My wife has been working for last 2 yrs makes 25k and excellent credit.
2. Will we quality for a conventional loan or should we wait for 2 yrs?
2. Also I have a self employed job in Canada which is still running and pays me around 100k CAD, will this income be considered?
great vid. 2 questions. will putting more down, say 20-50% down, make it easier and or drop the intrest rate? Self employed sole proprietor , hvac business, and moving out of state to start business in the new state going to be an issue? Thanks
It will most likely help you be able to get lower rates.
Moving to a new state as self-employed can be tricky. Here's a bit of what the underwriter will need to consider when looking at your income:
Is the company expanding to the new area/state?
WIll they 'shutdown' their current business in current area/state?
Do they have a 'storefront' or are they established out of their home?
What licensing requirements does the new state/area have that may impede their ability to start a new business?
Do they have employees and if so, will they need to start over with new employees in new area/state?
If employees are needed based on size of company, will hiring a new crew be difficult in the new area/state?
How long does the borrower believe it will take to generate a consistent level of income/revenue if they are shutting down the old business?
Is the new area/state already saturated with HVAC businesses where it would be difficult to come in and 'break' into this new market?
Is the new area/state have a full series of seasons? Or is it more of a fair weather state?
Will expenses be different for starting up a new business, especially if they have a 'storefront' vs working out of their home?
@@WinTheHouseYouLove thank you for responding. I have done my homework as far as clientele and climate. It will be more lucrative. I have no employees. I plan on advertising 2 months before âcoming soonâ... the best I can show or prove will be the data that I have researched. Thanks again
Great job. What software set up do you use to share half the screen?
Thanks!
First, I screen record my iPad and use a drawing app called Adobe Fresco.
Then, I record the video while drawing any notes on the iPad.
Next, I import both the screen recording and video into Final Cut Pro. I overlay the screen recording on top of the video and sync them up so you can see me draw and talk at the same time.
- Kyle Seagraves winthehouseyoulove.com
Does renting for a year and paying rent on time help you qualify for a bank statement loan?
Its just stupid that they find someone more eligible who works for some company where they can fire you in a second comparing to you do your own business.
I agree! A w2 job has a false sense of security
Great information bro thanks
No problem đ
Hi can I get loan from b lenders for home buy if I m new self employed ?
I know you mentioned 2 years of self employment being a requirement but do you know if any concessions are made if....I have been in the same industry for 5 years, worked for the business owner and opened up my own business 18 months ago?
If you have been in the field prior, then 1 year of self-employment works :)
@@WinTheHouseYouLove Thank you!
Very informative. I'm a new Realtor in Florida and your videos have helped me a lot.
Thanks for watching!
What about if you pay yourself a w2
They will use the W2 income + any distributions you received. They will also need to look at business tax returns to ensure the viability of the business.
Thanks so much!
You're welcome!
Is that an iPad ? Iâm thinking of creating videos like this.
Btw great video! Helped me understand it way better than before
Yes it is :)
Do you have any recommendations of creative minded loan officers liscensed in Missouri? Thank you!
Not currently unfortunately!
If approved for a Portfolio- Bank Statement Loan, what are the requirements and chances to refinance to a better loan
You'll need to refinance when your tax returns show enough income to qualify on a conventional loan
Is it true that if youâre trying to qualify via 1099, a w2 paid worker wouldnât be able to co-sign for u?
You absolutely can do that
I'm self employed, but I've been laid off twice from "stable" jobs.
Your situation is very common nowadays. Let's hope for the best. Best of luck!
Hi, Thanks for reply.. does monthly house rent also count as a debt for self employed person?
Yes it does. Thanks for watching!
What if I've been self-employed for 2 years, but during the second year, I started an LLC for my business? Will that LLC also need to be 2 years old? On my Schedule C, Section C, it will show 'AKA (my LLC).' Does that make sense?
It shouldnât matter. Itâs the same business, just changed the entity part of it. Went from sole proprietor to LLC.
@@user-gy1sg1kd2s Unfortunately, when I spoke to a loan officer, the first thing they asked for was 2 years of my LLC. So, I wasnât able to get the home. Now, I have to wait another year
Thanks for this video. Wondering two things: what mic do you use? What program do you use for split screen ?
A bit overkill, but a use a Neumann TLM 102
First, I screen record my iPad and use a drawing app called Adobe Fresco.
Then, I record the video while drawing any notes on the iPad.
Next, I import both the screen recording and video into Final Cut Pro. I overlay the screen recording on top of the video and sync them up so you can see me draw and talk at the same time.
Win The House You Love awesome thank you!
Forgot to ask, what camera do you use? Thank you!
Fuji XT20
Hi, how do we know if they need 2 years taxes or one year taxes? If is only one year it will be better because you won't owed the IRS so much money for 2 years.
You will not be able to get a loan if you owe taxes. You will either need to pay them or get on a payment plan with the IRS.
Hi, I know that I am a year late... But with those who collected in the pandemic because are single parents how they calculate half of the year work? Thanks in advance for the help.
They'll look at averages over the period of time worked
My situation is so weird. I want to get a home mortgage loan. I have been self employed for over 3 yrs now. However in those 2 yrs review. I spend 1 yr in PA and 1 yr in NY. I was told because im asking for a loan in PA that they would need both yrs to be self employment in PA. This is what a broker told me.So Im not sure how to approach this problem.
Hmm, if your business and personal income has remained consistent, this should not be an issue. I do not see in the guidelines anything about if the self-employed borrower relocates and needing to wait an additional 2 years.
I'd try talking to another lender :)
Kyle Seagraves â winthehouseyoulove.com
This is a weird question but- I been self employed for a while (1 year and a half) but I also have accepted internships (one for 3 months in 2019, 3 months in 2020 and 3 months right after as a contractor (most likely would get a 1099 from that internship) that will end up giving me a W-2. Even though I been doing my self employed job as well, does this somehow over-rides my time as self employed ?
I don't imagine an underwriter would accept internship income because by its nature it's not likely to continue.
The contractor/self-employment income will need to be received consistently over a 24 month period to use fully.
I wonder if there's a way of qualifying how much you gain in loan approval amount versus how much tax you pay by writing less things off. Like for every $1000 I pay in taxes I can be approved for an additional $10,000. I guess that's a good question for my CPA. Thank you for making these videos.
Sure, but on the other hand if you are qualifying for a loan with 5% down, every $1K you do write off translates to $20K in borrowing power.
Hey does unemployment income count as reg income? Also do any banks nowadays do no-doc Loans? Much appreciated
Unemployment doesn't count since it's not likely to continue for 3+ years.
Some will bank statement only loans to determine income. Or DSCR loans for investment properties.