Getting a Mortgage As a Self-employed Person

Well, I wasn't able to get one because I had credit issues, But they weren't going to require 2 years taxes or any financial proof. There are a lot of companies that say they are doing stated income loans, no doc loans, but I just couldn't qualify at the time.

Could you share the company? I can't imagine any company doing that. That's like not running an MIB when someone says they're healthy.
 
Could you share the company? I can't imagine any company doing that. That's like not running an MIB when someone says they're healthy.


One of the mortgage brokers that's promoting the stated income and no doc loans is David Kim,. He works out of the office called "MkLending'.com, in LA, but I think he is doing the stated income loans independent from the office. Do you want his phone number too? 1(213) 434-9114 and 213-351-9911.

I had come across quite a few other companies that were saying that they were doing no doc loans also.. I just kept getting turned down for one reason or another.
If you want a stated income loan and you have 700+ credit and can show that you have had money going into your bank account for 2 months, then they are telling me a person can get one. But with some of the companies the rate is really high.
 
One of the mortgage brokers that's promoting the stated income and no doc loans is David Kim,. He works out of the office called "MkLending'.com, in LA, but I think he is doing the stated income loans independent from the office. Do you want his phone number too? 1(213) 434-9114 and 213-351-9911.

I had come across quite a few other companies that were saying that they were doing no doc loans also.. I just kept getting turned down for one reason or another.
If you want a stated income loan and you have 700+ credit and can show that you have had money going into your bank account for 2 months, then they are telling me a person can get one. But with some of the companies the rate is really high.

Those type of loans are a part of why we had this mortgage meltdown. The idea was that even if they couldn't afford the loan, the value of the house should more than cover the note so no problems. Well, the default rate was much higher than expected and once that bump happened home values dropped and so it doesn't work out. There are some banks that have a stronger appetite for self-employed than others, but I think that by the time you actually moved further along the process they would want some documentation.

Let's also not ignore that most loans get sold off to Fannie and Freddie and those notes have to meet their guidelines which means two years taxes. Which makes sense, if you can't demonstrate the income for two years you probably shouldn't be committing to a huge note.

The very first tab on this site you listed is "become a broker" and most of the pages are require a broker login to get access to. Did you even see the "about us" section? Here's what is says "MK Lending Corporation". Yeah, wouldn't trust them with my dirty laundry.
 
Could you share the company? I can't imagine any company doing that. That's like not running an MIB when someone says they're healthy.

David Kim from MKLending in Los Angeles. I think he is doing the stated income loans independently from the office he works at,

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Those type of loans are a part of why we had this mortgage meltdown. The idea was that even if they couldn't afford the loan, the value of the house should more than cover the note so no problems. Well, the default rate was much higher than expected and once that bump happened home values dropped and so it doesn't work out. There are some banks that have a stronger appetite for self-employed than others, but I think that by the time you actually moved further along the process they would want some documentation.

Let's also not ignore that most loans get sold off to Fannie and Freddie and those notes have to meet their guidelines which means two years taxes. Which makes sense, if you can't demonstrate the income for two years you probably shouldn't be committing to a huge note.

The very first tab on this site you listed is "become a broker" and most of the pages are require a broker login to get access to. Did you even see the "about us" section? Here's what is says "MK Lending Corporation". Yeah, wouldn't trust them with my dirty laundry.

No,I am brand new to this website forum and I just saw that this thread was talking about how to obtain a loan if you are self employed. Which would be me. But I understand what you are saying anout those types of loans. I am a Life Insurance broker. Sorry, I'm still trying to figure out how this whole forum works. I have never been on amy type of forum before, so its all brand new for me. MKLending tried to do a credit repair for us and ended up charging us 3500. we demanded our money back and told them we would go to the ripoff report and more, so they gae it all back.
 
Ive been self employed for years. We have the same range of mortgage products as everyone else. The most important requirement is to show them the proof that you have a stable salary necessary to make the repayments on the mortgage loan that you are applying. 2 yrs worth of payrolls or tax returns to show to the lenders. Also show them evidence of future work you have already lined to prove that your current levels of income can be maintained. A regular track record of contractual work - you can also use that as an advantage. AND most important of all, if you have savings like 5 or six figures, most enders will become more flexible.
 
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