Lenders in the area for non-conforming loans
Hi Everyone! A good friend of mine is looking to purchase a home in Westchester County after living in the city. They are having trouble getting a traditional mortgage (this will be their primary residence) because of how their income is structured as an independent contractor.
Their income is paid through an S-corp which was paying for part of their rent due to a home office and other expenses. Their salary draw was only a portion of the corporate income. As a result they are having trouble hitting the DTI requirements for GSE loans.
It's the kind of thing that a lender with the authority would understand, but Fannie/Freddie won't. I was wondering if anyone knew lenders in the area that might work with non-conforming loans, or if you have any other advice that might help them qualify for mortgage. FWIW the ballpark anticipated note for their mortgage will be the same as the rent they have been paying for the last three years, and they have sterling credit.
I figured the BP community would be well positioned to answer this question. Any advice or referrals would be greatly appreciated!