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Phil Caulfield
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My good friend +Kent Demas is looking for some help!
Looking for a Web/UI Design Contractor for a 3 month, full time position. Office is in Burlingame and work will be on-site.

Let me know if you're interested or if you know anyone who might be.

Thanks!

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We offer a wide variety of options for the refinancing of your jumbo loan. #jumbomortgage   #jumboloan  
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Mortgages For Self-Employed People

In my experience as a Mortgage Advisor, self-employed people have an extremely difficult experience obtaining a mortgage. The documentation requirements are extensive, and the underwriting is very stringent.

I am writing to let you know that not all loan programs have the same requirements! Believe it or not, some are more flexible than others.

I am going to tell you what the requirements generally are, and then I will explain if there are any exceptions. Maybe this information will help you or a friend qualify for a mortgage!

Guideline One - Two year history of being self-employed

Generally, you are required to be self-employed for a minimum of two years. You verify two years of self-employment by providing documentation, such as two years of business tax returns, and/ or a business license(s) showing your business has existed for two years.

Exception to Gudeline One

Exceptions can be made! The self-employed business should be in the same line of work as you had before, and you have to document the income received.

Guideline Two - Use of business funds for the down payment and/or closing costs

Generally lenders frown on the use of business funds to be used for the funds to close escrow. The reasoning  is that they expect those funds are needed to finance the costs of running your business, which makes sense, usually.

Exception to Guideline Two

If your business does not require a lot of working capital, the lender may allow the use of business funds. A business consultant will get the exception to use business funds before a McDonald's franchise owner will!

Guideline three - Declining Income from the previous year

Let's face it, if you are self-employed you are subject to large income fluctuations. When looking at the last two years of tax returns, lenders will use the most current year of reported income rather than averaging the two years together if it is decreasing from the previous year.

Exception to guideline three

If the decrease in income is 20% or less from the previous year, there are loan programs that will average the income over two years rather than just using the lower current year.

I hope this information on getting qualified for a mortgage if you are self-employed helps! If one lender tells you no, go find one who will say yes!
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How do you compete with cash buyers in this competitive San Francisco Bay Area real estate market if your down payment is trapped inside your current home? One answer could be a bridge loan. A bridge loan allows you to access your equity for the down payment before selling. Use this calculator to see if this might be a possibility for you - http://bit.ly/1Hzww3T
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These blogs have some great information for everyone in the real estate industry. http://buff.ly/1FB7Bwu via Sniply

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Russian Hill Megaflip Nearly Doubles Price, Rakes in $6.875M - Flipping Out - Curbed SF http://buff.ly/1IJwB5o via Sniply

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Metallica Guitarist Kirk Hammett's Former Abode Wants $12.5M - Some Kind of Mansion - Curbed SF http://buff.ly/1F08gSK via Sniply

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These blogs have some great information for everyone in the real estate industry. via Sniplyhttp://buff.ly/1FB7EZf via Sniply

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2701 Broadway in Pacific Heights Sells for $31M, Is Biggest Sale of the Year - Billionaires' Row - Curbed SF

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Russian Hill Megaflip Nearly Doubles Price, Rakes in $6.875M - Flipping Out - Curbed SF via Sniply http://buff.ly/1IJwBSP via Sniply
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