Comments on: Are Mortgage Loans Still Available In New Jersey for Self-Employed Borrowers?

By: Hurricane

Hurricane — Wed, 02 Jun 2010 13:08:03 +0000

my wife is employed with a regular 9 to 5 and i have a small contracting business. she should be able to qualify for a mortgage with her income. can we apply in her name? her credit is also better.

By: CAROL - Moderator

CAROL - Moderator — Thu, 13 May 2010 04:07:25 +0000

@ Great Nick - Yes, additional assets may be required in order to qualify. Assets can be held in any form that permits withdrawals. Total assets required will vary with each loan. New Jersey Mortgage Blog | Carol Lloyd - First Hallmark Mortgage

By: Great Nick

Great Nick — Tue, 23 Mar 2010 15:46:09 +0000

assuming we qualify for the loan in terms of having the income for the payment, do we still have to show we have extra money in a savings or checking account? if so, how much would that need to be? thanks for help.

By: Carol - The Administrator

Carol - The Administrator — Tue, 09 Feb 2010 04:59:53 +0000

@ M. T. Collier – Yes, the rate is a bit higher for no income verification loans. This is not new. These loans are more risky and therefore carry a higher rate; but the difference can be as little as .25% greater than the rate for income verified loans. Not much at all. The equity required will vary from 30% to 40%. Call me if you have questions about a specific situation.

By: M.T. Collier

M.T. Collier — Thu, 04 Feb 2010 23:06:14 +0000

How much equity is needed for no income verification? Is the rate higher?

By: Yard_Guy

Yard_Guy — Thu, 04 Feb 2010 21:11:19 +0000

glad to read this. tried everything else & i need mortgage with the no income program. i’ll call you to discuss.

By: campfire 771

campfire 771 — Wed, 03 Feb 2010 15:57:47 +0000

we eventually got a mortgage. we had to provide p&l statements too. there was much more stuff requested than for our last mortgage in 2005 but was about we expected. we got the loan and that was most important. anybody who’s self employed better have their paperwork ducks all in a nice row or else forget about it.

By: Randall

Randall — Tue, 02 Feb 2010 04:38:32 +0000

That’s what we did. Tried to used my wife’s job and pay but weren’t able to get the mortgage we needed because her income wasn’t high enough. This was last summer. I waited too long to try again and since then my credit score went to 635. Now I’m told nothing can be done because of that. Is that true?

By: Carol

Carol — Tue, 02 Feb 2010 01:20:56 +0000

@Randall – Very unusual Randall. Maybe more than unusual. These days, tax returns are “THE” way to verify income for the self-employed. Used to be a time when many lenders would use bank statements for verification. But I’ve heard of no reason why tax returns would flat out not be accepted. I can only think that perhaps that bank/lender did not do mortgages for the self-employed. Because if they are not accepting any proof of income, then the mortgage can’t be processed. How were you supposed to verify income? Fill me in with more detail.

By: Randall

Randall — Tue, 02 Feb 2010 01:07:41 +0000

I was told by another bank that we could not use our tax returns. Why can some people use them and some people not can?