Lender in Northern Colorado - Self-Employment Friendly!

5 Replies

Hello,

Looking to purchase an owner - occupy multifamily in Northern Colorado (where I live and work).  Probably in Greeley, CO, in the $180-210k range.   Will be my first house.

Need a lender that works well with self-employed people (maybe a portfolio lender?)  Business is taking off this year, and I'm tracking to hit significantly higher income numbers for 2015.   Currently renting month-to-month Credit and income stats below:

Credit: Low 700's

2014 Income: $40k

Net Worth: appx $100k

Monthly Recurring Debt: Car Loan ($400) Student Loan ($250)

Any recommendations would be greatly appreciated!

That would be flexible based on the property.  If all I can qualify for is a $100k condo/townhome, then I'd like to not go above 5%, but if I can get into a multi, I could do more.

The  reason I ask is because based on what you described income is likely not your issue in working with a lender. It is true that portfolio lenders can often times be a little bit more creative and land outside of the box typical mortgage broker could but the caveat is banks who portfolio their loans want strong loans so you would likely be looking at a minimum of 15 to 30% down for a portfolio loan.  It is true that portfolio lenders can often times be a little bit more creative and land outside of the box typical mortgage broker could but the caveat is banks who portfolio their loans want strong loans so you would likely be looking at a minimum of 15 to 30% down for a portfolio Loan. 

I would explore 3 1/2% down via FHA or 5% down on a conventional loan if you can't find a lender that will do that file your taxes quickly as possible and 2016 showing your new income and get qualified based on that. A direct lender should be able to do a loan based on one years tax return of self-employment.

Gotcha, thanks for the replies.  Any recommendations?

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