Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated about 5 years ago on . Most recent reply
(I’m an employer)difficulty qualifying a conventional Loans
Hi Guys, I’m new to the forum - Seeking advice on my situation of buying my first 2 rental properties with conventional loans with 20% downpayment !
My situation is - I’m an employer of a S corp and have W2 from my company- Went to local mortgage company to qualify for 300K loan - the mortgage agent told me that even with W2 - the lender will run 3rd party check to find out I’m the owner of the company- which is no go. He also said that my company will to be around for 2 year at least.
Is there any way to qualify for the loans?
Anyone have any input to this really appreciated !
Most Popular Reply
- Tax Strategist| National Tax Educator| Accepting New Clients
- 4,445
- Votes |
- 3,697
- Posts
Originally posted by @Ho Chi Chris Cheung:
Yes I own the company - they can confirm that I own the company - but the company only open for 1.5 years.
Is there any other way to help qualify for loans with good interest rate?
There are other loans for self employed people.
It will be higher rates but it will allow you to buy now and refinance into a better rate/loan later.
