Brandon Nishi | Mortgage Broker
Different Income and Programs
Designed for business owners that have limited, verifiable income and a good credit history. A stated income is where the lender does not verify the borrower's income by looking at their paystubs, financial documents, etc. Instead, they are taking the word of the borrower. To offset the risk, this usually comes with slightly higher rates and fees. Yet, would be able to qualify for a mortgage the borrower wouldn't originally qualify for.
Pro: competitive interest rates, uses gross revenue, borrow up to 90% of property value
Self Employed Lending Program
Many clients find it hard to find a lender that accepts self-employed income. Either they have written off too much expenses in the past years, don't have a full 2 year history or the bank won't allow to add much business net income to their TDS. As a mortgage broker, I have expierence in this field and can help examine your financial statements, and find you the proper lender to maximize your purchasing power.
Pro: Add 40-60% if your business's net income (In addition to your personal income)
Example: If your personal net income is $50k you may qualify for around $200k. With certain lenders, banks will also accept part of the business income. If you net income for your business is 100k, you may be eligible to use 40-60% of that income as well. Giving you the purchase power of $400-600k.
Isn't Income.... income?
Not everyone gets a salary. Some people are self employed, put their money through a corporation, and steady source of foreign income. There are so many different forms of employment and income that most banks will only have certain programs for certain types of income. Since mortgage broker work with so many lenders, we're familiar with many different type of income sources that we can help you pick the right lender for your income and needs.