Moving back to NH and I need a Mortgage For Self Employed

JasonG · 03-17-2015, 10:57 PM

I am looking to find a mortgage broker that can work with self employed individuals. We are moving from FL back to NH and are looking forward to some time on the Big Lake again.....Help is appreciated!

The story...
Anyone who owns a business and has tried to buy a house in the past few years may know the pains of a mortgage application. The guidelines are more strict these days and it would appear unless everything is perfect, the typical big banks will not approve you. They want to look at the prior 2 years tax returns to make sure everything is profitable. No problem

Picture this..Looking for a $250k home, we have $100k+ to put down. Decent credit with some blems from 5+ years ago, income above average. Denied by Quicken Loans for 2 reasons.

1. Even though they looked at my 2013 and 2014 corporate taxes, and were profitable, they took into account a loss from 2012 that carried over to my 2014 taxes only as a deduction known as a Net Operating Loss. Lowers my tax burdens, similar to write off's like charity or kids. However, the NOL can be considered something that can reduce your income. Therefore I did "not make enough money in 2014", according to them.

2. Now keeping in mind my business is selling online. I do this on ebay, amazon, etsy, and my own site. The rep at quicken loans told me this, and yes I have it in writing.."What if Amazon and UPS Go Out of business? You would have no way to sell your products or ship them".

I felt like responding back and telling them I ship with US Postal, but at that point I realized I may be dealing with a fool and let it go.

Regardless of #2, point #1 is a sticky one for typical mortgage guidelines and appears to be an issue for any big bank.

Any Mortgage brokers in the NH area that can help me? Any ideas from anyone?

Thanks!

Thanks!

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03-17-2015, 10:57 PM	#1
JasonG Senior Member Join Date: May 2006 Posts: 310 Thanks: 48 Thanked 45 Times in 33 Posts	Moving back to NH and I need a Mortgage For Self Employed I am looking to find a mortgage broker that can work with self employed individuals. We are moving from FL back to NH and are looking forward to some time on the Big Lake again.....Help is appreciated! The story... Anyone who owns a business and has tried to buy a house in the past few years may know the pains of a mortgage application. The guidelines are more strict these days and it would appear unless everything is perfect, the typical big banks will not approve you. They want to look at the prior 2 years tax returns to make sure everything is profitable. No problem Picture this..Looking for a $250k home, we have $100k+ to put down. Decent credit with some blems from 5+ years ago, income above average. Denied by Quicken Loans for 2 reasons. 1. Even though they looked at my 2013 and 2014 corporate taxes, and were profitable, they took into account a loss from 2012 that carried over to my 2014 taxes only as a deduction known as a Net Operating Loss. Lowers my tax burdens, similar to write off's like charity or kids. However, the NOL can be considered something that can reduce your income. Therefore I did "not make enough money in 2014", according to them. 2. Now keeping in mind my business is selling online. I do this on ebay, amazon, etsy, and my own site. The rep at quicken loans told me this, and yes I have it in writing.."What if Amazon and UPS Go Out of business? You would have no way to sell your products or ship them". I felt like responding back and telling them I ship with US Postal, but at that point I realized I may be dealing with a fool and let it go. Regardless of #2, point #1 is a sticky one for typical mortgage guidelines and appears to be an issue for any big bank. Any Mortgage brokers in the NH area that can help me? Any ideas from anyone? Thanks! Thanks!