U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Texas > Houston
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
 
Old 09-30-2014, 11:49 AM
 
Location: Katy
268 posts, read 341,740 times
Reputation: 86

Advertisements

Hello,

After a lot of googling, I have come to the conclusion that mortgage lending is extremely difficult/challenging, if not impossible, for self-employed folks... like myself

I am self-employed (since 2012 with no gaps), and I want to give my best shot at acquiring a mortgage for a primary residence in Houston. If I learn that being self-employed is a hurdle, I might as well consider becoming a full-time employee for the sake of mortgage for a couple years, and then revisit becoming self-employed.

I am posting this thread to get recommendations on Houston mortgage lenders that have good experiences dealing with self-employed borrowers. I would then get in touch with them and see how I can prepare myself for a smooth process (if that is even possible )

Thanks very much!
DrD
Rate this post positively Quick reply to this message

 
Old 09-30-2014, 11:56 AM
 
Location: Pearland
799 posts, read 2,279,740 times
Reputation: 694
Mike Ogg at Rock Mortgage.

Houston Home Refinance | Katy FHA Home Loans | Cypress Home Purchase Mortgages | Rock Mortgage Services LP

He does them all day long, and will be brutally honest with you about it. So many loan officers will exaggerate u front just to commit you. Tell him Mike Clark referred you. Just text'd back and forth with him yesterday about a rent house Im selling.
Rate this post positively Quick reply to this message
 
Old 09-30-2014, 12:14 PM
 
Location: Katy
268 posts, read 341,740 times
Reputation: 86
mtgmike!
Thank you very much!
I will follow up with him.
I appreciate the info!
DrD
Rate this post positively Quick reply to this message
 
Old 09-30-2014, 01:06 PM
 
Location: Houston
439 posts, read 414,201 times
Reputation: 403
Rich Hebert at Lending Edge Mortgage Mortgage loans for Dallas Fort Worth - Lending Edge Mortgage

They're based out of Dallas but that was never a problem. I'm self-employed and have done 2 mortgages with them -- 2008 and 2012. It's a pain inasmuch that you have to provide lots of paperwork/documentation. I bill hourly so it's not like i have a consistent income. But my credit is good and i just sent them whatever they needed.
Rate this post positively Quick reply to this message
 
Old 09-30-2014, 01:09 PM
 
Location: Katy
268 posts, read 341,740 times
Reputation: 86
Quote:
Originally Posted by sonic0boom View Post
Rich Hebert at Lending Edge Mortgage Mortgage loans for Dallas Fort Worth - Lending Edge Mortgage

They're based out of Dallas but that was never a problem. I'm self-employed and have done 2 mortgages with them -- 2008 and 2012. It's a pain inasmuch that you have to provide lots of paperwork/documentation. I bill hourly so it's not like i have a consistent income. But my credit is good and i just sent them whatever they needed.
Thank you very much sonicboom!
I will check them out and get in touch with them.
It is good to know that you successfully got 2 mortgages from them being self-employed!
DrD
Rate this post positively Quick reply to this message
 
Old 09-30-2014, 01:13 PM
 
Location: Charleston Sc and Western NC
9,274 posts, read 24,941,650 times
Reputation: 4711
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.
Rate this post positively Quick reply to this message
 
Old 09-30-2014, 01:22 PM
 
Location: Katy
268 posts, read 341,740 times
Reputation: 86
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.
Thank you EasilyAmused!
I am encouraged to know that both you & sonic have successfully obtained mortgage from Lending Edge while being self-employed!
DrD
Rate this post positively Quick reply to this message
 
Old 09-30-2014, 01:35 PM
 
Location: The Greater Houston Metro Area
9,053 posts, read 15,987,648 times
Reputation: 15203
Here is what you have to ensure: that your NET income will qualify - not your gross. Some self-employed people get so aggressive in their taxes that it looks as if they made very little.
Rate this post positively Quick reply to this message
 
Old 09-30-2014, 01:47 PM
 
Location: Katy
268 posts, read 341,740 times
Reputation: 86
Quote:
Originally Posted by cheryjohns View Post
Here is what you have to ensure: that your NET income will qualify - not your gross. Some self-employed people get so aggressive in their taxes that it looks as if they made very little.
Thank you cheryjohns!
I have seen/read several of your posts in the past and appreciate your advice.
Yes, I did become aware of the "NET income" aspect several months ago, and have been entering my NET income in those online mortgage calculators.... which kind of brings me to this question...

When we use the online mortgage calculators:
e.g. myFICO
If I were a regular full time employee, I would have entered my GROSS income.
However, since I am self-employed, is it realistic to use these calculators as long as I use my NET income (averaged over 2 years)?

Thanks
DrD
Rate this post positively Quick reply to this message
 
Old 09-30-2014, 02:44 PM
 
Location: Pearland
799 posts, read 2,279,740 times
Reputation: 694
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.
Rate this post positively Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


 
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Texas > Houston

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top