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Old 09-30-2014, 02:54 PM
 
Location: Katy
268 posts, read 345,886 times
Reputation: 86

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Quote:
Originally Posted by mtgmike View Post
Those calculators drastically overestimate what any reasonable person should borrow. By entering your true net, youll probably come close to a good number.

A quick call to a loan officer will tell you all you need to know. Ogg can tell you in 15 seconds what a prime/subprime lender will want to limit your payment to if you give him your two year average net. Seems like you are getting into analysis paralysis.
Hi Mtgmike,
I actually found Mike Ogg on LinkedIn and sent him an invite to connect with me, and told him that you had recommended him to me.
I checked with my CPA to determine what my NET would be for the past 2 years, so I feel good about that number. Once Ogg connects with me, I hope he will have the patience to deal with me (since I am about a year away from actually being ready for borrowing)
Thank you for the referral!
DrD
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Old 09-30-2014, 03:55 PM
 
Location: Houston
446 posts, read 423,891 times
Reputation: 408
Quote:
Originally Posted by EasilyAmused View Post
Lending Edge as well.

Just be prepared for a couple months of scanning, emailing, and repeat. I pay myself once a year, and each year it's different depending on what contracts we've had.The lending industry has a hard time dealing with that.
This about sums it up. The documents/legal department that handles the paperwork had a hard time wrapping their head around the fact that i could not supply a pay stub. I do 1099 and each client pays me by different methods. I have a savings account set up for the sole purpose of receiving payments, and all income is deposited there before i transfer elsewhere. I had to tell them just to look at the bank statements for that account to determine my cash flow.

I would say what kept things moving along for me was that i work from home and could provide the docs they needed within an hour or so. There were no delays and we were actually able to close a couple days early. Good luck.
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Old 09-30-2014, 04:05 PM
 
Location: Katy
268 posts, read 345,886 times
Reputation: 86
Quote:
Originally Posted by sonic0boom View Post
This about sums it up. The documents/legal department that handles the paperwork had a hard time wrapping their head around the fact that i could not supply a pay stub. I do 1099 and each client pays me by different methods. I have a savings account set up for the sole purpose of receiving payments, and all income is deposited there before i transfer elsewhere. I had to tell them just to look at the bank statements for that account to determine my cash flow.

I would say what kept things moving along for me was that i work from home and could provide the docs they needed within an hour or so. There were no delays and we were actually able to close a couple days early. Good luck.
Sounds good sonicboom. Thank you! I am an S-Corp. I have a business bank account. I do the exact same thing. Business Income gets deposited into my business bank account, and then gets transferred to personal bank account. Being an S-Corp, I pay myself a salary. So my income consists of the salary I pay myself PLUS business profit (after deducting expenses).
My CPA tells me that my Total Income = Salary + Net Profit = Salary + Amount on Line 1 of Schedule K1.

Thank you!
DrD
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Old 09-30-2014, 04:22 PM
 
Location: Houston
446 posts, read 423,891 times
Reputation: 408
Quote:
Originally Posted by DrD76 View Post
I am an S-Corp.
DrD
Guess i'll have to hit you up for advice if i ever decide to incorporate
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Old 09-30-2014, 04:24 PM
 
Location: Katy
268 posts, read 345,886 times
Reputation: 86
Quote:
Originally Posted by sonic0boom View Post
Guess i'll have to hit you up for advice if i ever decide to incorporate
Sure! :-)
It was my CPA's advice to go with an S-Corp.
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Old 09-30-2014, 05:19 PM
 
Location: Clear Lake
200 posts, read 268,168 times
Reputation: 82
if by chance you are on the more south side of Houston I would check with Home

wonderful lady! I can't say first hand she deals with the self-employed but if she does she's great! (I will be sure to ask her tomorrow when I speak with her)
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Old 10-01-2014, 05:34 AM
 
Location: Katy
268 posts, read 345,886 times
Reputation: 86
Quote:
Originally Posted by georgemichael View Post
if by chance you are on the more south side of Houston I would check with Home

wonderful lady! I can't say first hand she deals with the self-employed but if she does she's great! (I will be sure to ask her tomorrow when I speak with her)
Thank you georgemichael!
I will follow up with her. I appreciate you providing me that info.
DrD
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Old 10-01-2014, 10:42 PM
 
Location: Clear Lake
200 posts, read 268,168 times
Reputation: 82
I forgot to update this. I spoke with her and she said she does work with the self-employed. I didn't get into specifics but now I know she does also.

good luck to you DrD76!
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Old 10-02-2014, 06:13 AM
 
Location: Katy
268 posts, read 345,886 times
Reputation: 86
Quote:
Originally Posted by georgemichael View Post
I forgot to update this. I spoke with her and she said she does work with the self-employed. I didn't get into specifics but now I know she does also.

good luck to you DrD76!
Awesome! Now I have a handful of mortgage lenders to get in touch with! Thanks very much georgemichael!
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Old 10-02-2014, 06:35 PM
 
Location: The Greater Houston Metro Area
9,053 posts, read 16,082,228 times
Reputation: 15204
I'll give you mine - with a disclaimer.

Justin Henneke with American Choice 979-255-5686. He has done several self-employed for my clients. Excellent rates/excellent closing costs.

Here is the disclaimer: He's a just-the-facts-mam conversationalist. No chit-chat - no "how are the kids". Straight and to the point. Unless you get into detail about financial rates, etc. - then he waxes poetic. That's where his interests lie. Ask him anything you want about the process, what options you have, etc.

After looking at what mtgmike had to say about his recommendation - it sounds like the best ones are blunt and straightforward.

I'll take that any day over a long discussion about what I had for dinner.
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