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Author: glennandpaige Two stars, 250 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 14985  
Subject: Re: Question about Mortgages for a self-employed Date: 2/28/2006 8:19 PM
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Fuskie:

My husband and I own a house (this has no bearing,as we did not secure the loan with it) and bought the small cottage next door for 130k to be used solely for our business, which was taking over our tiny home. We thought it would be difficult, same reasons, self-employed for four years at the time, now six. Our income has gone up a lot the last two years, but at that time, it was pretty mediocre. Anyway, we had absolutely no problem getting a loan. We had to provide two years of tax returns, a current profit and loss statement and stated income. The interest rate was slightly higher at the time, as it is considered a rental property and not our primary residence. We put down 10%, nothing crazy. I had been really worried at the time but it was pretty simple and went withou a hitch. Also, if he's securing the loan from the bank he does business with, they should easily be able to look at what he's got coming and going. We initially did lendingtree.com but ended up going with countrywide, holder of the mortgage to our house. Just shop around, have the information ready, be flexible with what they want to see and it's a lot easier than you'd think.

Good Luck, in business and house hunting =)
Paige
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