Published On Feb 23, 2024
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Lending wherever you want to call “home” 🏠❤️ -- in all 50 states.
In this video:
00:00 - Introduction: self-employment and mortgages
02:01 - Am I self-employed?
03:30 - Are freelancers self-employed?
03:57 - Foundational concepts for self-employed home buyers
05:04 - Why are these concepts important?
05:39 - Understanding underwriting - an analogy
06:34 - Get ahead of underwriting questions
07:21 - What are stability and continuance
08:54 - Establishing stability and continuance
10:14 - What if your business is growing fast?
10:27 - What if your business is new?
11:00 - How lenders look for and use “trends”
12:52 - Exceptions to the standard “2-year” rule
14:23 - Should you provide extra tax returns?
15:31 - Are tax returns the only way to document income?
17:52 - What if you are moving your business?
20:07 - What about mortgages for owners of cannabis businesses?
21:13 - How lenders analyze the financial strength of your business
22:55 - Liquidity for Corporations and Partnerships (“pass-through” entities)
24:35 - Can you be self-employed and not self-employed at the same time?
26:21 - Calculating self-employed income
Julee Felsman, SVP of Mortgage Lending NMLS 120831
Guaranteed Rate Inc NMLS 2611 Equal Housing Lender.
www.nmlsconsumeraccess.org
www.rate.com/licensing
www.rate.com/privacy
#selfemployed #1099 #homebuying
Branch address: 1300 SE Stark St Ste 111, Portland, OR 97214
State Licenses:
AK - AK120831, AL - 73482, AR - 117882, AZ - 1002329, CA - CA-DBO120831, CO - 100514850, CT - LO-120831, DC - MLO120831, DE - MLO - 120831, FL - LO66603, GA - 67474, HI - HI-120831, IA - 34589, ID - MLO-2080120831, IL - 031.0056868, IN - 42483, KS - LO.0039957, KY - MC713848, LA - Licensed, MA - MLO120831, MD - 120831, ME - Licensed, MI - 120831, MN - MN-MLO-120831, MO - MO-120831, MS - 120831, MT - 120831, NC - I-187748, ND - NDMLO120831, NE - Licensed, NH - Licensed, NJ - Licensed, NM - Licensed, NV - 65660, NY - Licensed, OH - MLO-OH.120831, OK - MLO21956, OR - Licensed, PA - 74700, RI - Licensed, SC - MLO - 120831, SD - MLO.09183, TN - 203658, TX - Licensed, UT - 12003187, VA - MLO-41738VA, VT - VT120831, WA - MLO-120831, WI - 120831, WV - LO-120831, WY - 8673
Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact Guaranteed Rate for current rates and for more information. Guaranteed Rate has no affiliation with the US Department of Housing and Urban Development, the US Department of Veterans Affairs, the US Department of Agriculture or any other government agency.
All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Guaranteed Rate, Inc. does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Guaranteed Rate, Inc. Guaranteed Rate, Inc. its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.
Content found in these videos is public information. However, all information including text, photographs, etc. is copyrighted and is protected by United States and international copyright laws. These videos may not be used, reproduced, or distributed for commercial purposes without prior written consent from Julee Felsman and Guaranteed Rate.
