Non-traditional employment? You may need a non-traditional mortgage solution.
For many people, being their own boss and owning their own business has been the ultimate employment goal. In light of COVID, many of these people are choosing now to take the leap and make their dreams a reality. According to government data from the second quarter of 2021, more Americans than ever are leaving their jobs to chase their dreams of entrepreneurship. While that all sounds exciting, it can put a crimp in your homeownership plans if you are not prepared. Read more for how Cambria Mortgage can help find the right program for your employment situation.
Know Your Net Income
As a traditional W2 employee, it is easy to see exactly how your income breaks down and what your net earnings are. If you are self-employed, that is not always the case. For lenders with products that only rely on the traditional financing investors, self-employed borrowers may have a tough time getting qualified for their mortgage. This is not because their businesses are not successful, but has more to do with how income is reported and expenses are written off (if you know, you know). In order to show your income, there are multiple things you may be asked to provide and should start to gather as you are getting ready to apply for a mortgage. Those items include, but are not limited to:
- Tax returns
- Profit and loss statements
- Your business license
- Proof of clientele and/or accountant statements
- Bank statements, assets, other sources of income, etc.
Even with all that information and documentation it may not be enough. This is where finding a local lender that works with investors that offer additional programs geared toward non-traditional borrowers and situations comes in handy.
Find a Lender With the Right Products
At Cambria Mortgage we have partnered with investors that provide our customers with a vast array of options for the many unique scenarios. Some of the programs we offer are targeted specifically to self-employed individuals and know exactly what challenges you face when trying to get a mortgage. With our programs there are opportunities to qualify using only 12 months of bank statements! Not self-employed but have experienced a life event that affected your credit? There are programs in our arsenal that could work for you as well. Even if you have been turned down by another lender, it is always worth a second opinion at Cambria Mortgage. Our goal is to help as many people achieve their dreams of home ownership as possible and we are constantly adding products and programs to help us reach our goal.
Call Cambria Mortgage
If you are ready to take the next step in your home ownership journey, call Cambria Mortgage at 952-942-0110 or visit CambriaMortgage.com. Our team of professionals will provide personal, hometown service with sound advice and impeccable attention to detail at every step of the process. We’re ready to help you crush your goals, big or small.