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Posted on 4/16/14 at 3:40 pm to theBeard
For portfolio products I use Pinnacle Bank here in TN. They are very creative for music industry folk, I'm assuming underwriting in different states would be the same, BICBW
Posted on 4/16/14 at 5:09 pm to rlanders23
quote:
As a w2 in October, I was being offered rates near 4.2% but wasn't able to lock in without paying a steep premium. In hindsight, I probably should have bitten the bullet
Wouldn't have mattered. The mortgage company would be looking for recent paystubs to close the loan and they would reverify employment.
As much as I dislike Obama his programs have nothing to do with this. Self employed borrowers have always had to provide a 2 year history unless they were putting enough down to do a no doc loan.
This post was edited on 4/16/14 at 5:11 pm
Posted on 4/17/14 at 6:25 am to VABuckeye
This post was edited on 5/7/14 at 8:10 am
Posted on 4/17/14 at 8:28 am to theBeard
I left my W-2 job in the middle of the year almost 2 years ago. I wanted to do 20% conventional. Chase originally told me I would have to wait 2.5 years for a loan from them because the W2's needed to be full years of self employment.
I thought that was bull, so I checked around. I knew someone at Synergy and they told me that after the 1 year mark they could do an in house loan with a higher rate until I made the 2 years and then I could refinance to something normal.
After 1.5 years (2nd tax return), I explained my situation to Chase and synergy again. After getting the right people on the phone, they both agreed they could give me normal loans at that point. I guess it depends on the managers and your situation. Also got a number of rate quotes from mortgage brokers.
Now I have decided to build a house and I get to go through the same process again, because the mortgage guy I was going to use doesn't do construction loans
I thought that was bull, so I checked around. I knew someone at Synergy and they told me that after the 1 year mark they could do an in house loan with a higher rate until I made the 2 years and then I could refinance to something normal.
After 1.5 years (2nd tax return), I explained my situation to Chase and synergy again. After getting the right people on the phone, they both agreed they could give me normal loans at that point. I guess it depends on the managers and your situation. Also got a number of rate quotes from mortgage brokers.
Now I have decided to build a house and I get to go through the same process again, because the mortgage guy I was going to use doesn't do construction loans
Posted on 4/17/14 at 9:00 am to man117
(no message)
This post was edited on 5/7/14 at 8:10 am
Posted on 4/17/14 at 12:20 pm to theBeard
call you local Whitney Bank they can take care of you. We call these professional loans when a doctor or lawyer is making the jump to 1099. the "hypothetical" situation he or she would need 6 months of 1099 income for the bank to get a projection from. i do these type of loans a few times a year. lenders and brokers cant do them. whitney's portfolio rates are very low compared to your smaller banks
Posted on 4/17/14 at 1:01 pm to hawkeye007
I appreciate the tip. I will check with Whitney Bank
Posted on 4/17/14 at 2:30 pm to theBeard
Doctors are different. There are specific mortgage programs for them.
Posted on 4/17/14 at 2:35 pm to VABuckeye
(no message)
This post was edited on 5/7/14 at 8:10 am
Posted on 4/17/14 at 2:47 pm to VABuckeye
small local bank, probably smaller than Whitney that will portfolio it your only option. i did the same thing, can't remember what the ARM is on it....I think I got 3.75% for the first 5 years, then it goes up to 5% in year 5
Posted on 4/17/14 at 2:51 pm to theBeard
I have a couple of buddies that are doctors. I'll see if they know although at this point they are established in their practices.
Posted on 4/17/14 at 2:58 pm to IMA who dat
(no message)
This post was edited on 4/27/15 at 4:16 pm
Posted on 4/17/14 at 3:59 pm to kevv824
quote:Yep.
two years 1099 was required for a full income disclosure loan long before Dodd Frank
Posted on 4/17/14 at 11:23 pm to rlanders23
Who do you bank with?
I'm 1099. The only real answer is to have a good relationship with your banker. These days people underestimate how important business relationships can be.
I'm 1099. The only real answer is to have a good relationship with your banker. These days people underestimate how important business relationships can be.
This post was edited on 4/17/14 at 11:24 pm
Posted on 4/18/14 at 7:03 am to theBeard
This post was edited on 1/12/15 at 12:33 pm
Posted on 4/18/14 at 11:01 am to theBeard
whitneys 5/1 portfolio arm is at 3.125% if you post an email address i will shoot you some info.
Posted on 4/20/14 at 9:56 am to hawkeye007
Bad timing building & changing to 1099. Over the years we have "side-stepped" the issue this way. Our business was an S-Corp. Salaries were paid, employment taxes paid, quarterly reports filed and income reported on a W-2. Never had a problem obtaining mortgages. If their is additional profit, it flows through to you on a K-1 & you do not pay self-employment tax on the K-1 income.
If the business is a LLC, the LLC can elect to be taxed as an S-Corp. Same result. The Obama administration is trying to close this loophole for an LLC in the 2015 budget, so this option may not be available very much longer.
Sounds like you may have to live with the higher rates for awhile & than refinance in a few years. Good luck - let us know the out come.
If the business is a LLC, the LLC can elect to be taxed as an S-Corp. Same result. The Obama administration is trying to close this loophole for an LLC in the 2015 budget, so this option may not be available very much longer.
Sounds like you may have to live with the higher rates for awhile & than refinance in a few years. Good luck - let us know the out come.
Posted on 4/21/14 at 6:27 am to hawkeye007
(no message)
This post was edited on 5/7/14 at 8:08 am
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