Tag Archives: Selfemployed
Dallas Real Estate Financing: What Are We Going To Do About Mortgages for the Self-Employed?
Update to the mortgage story. As I said earlier, mortgage broker Ron Schulz told me over the weekend that the biggest hurdle in mortgage financing now is finding mortgage loans for the self-employed. Those deals are near impossible because most self-employed work off K-1 income to control/limit taxes so when they go to get a loan underwriters get all red in the face and say, uh uh no way, this guy has no income.
Dallas Real Estate News: You Can Get a Mortgage if You Have a W-2
I was in Southlake over the weekend, and on radio 1160 am with renown mortgage broker Ron Schultz. He said what I’ve written now about a hundred times: there are loans out there for folks with good credit scores and W-2s. The biggest problem is finding mortgage loans for the self-employed. Those deals are near impossible because most self-employed work off K-1 income to control taxes so when they go to get a loan now it’s like, hey, how can you loan this person a penny, he doesn’t earn any money! When the self-employed mortgage loan comes back, says Ron, then our market will get moving.
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