Posted by Janice on August 07, 2004 at 20:51:04:
What types of loans are you looking for? I may be able to help. tigrisbio@aol.com
Self Employed: Full Doc Loans, Stated Loans - Posted by Mattson
Posted by Mattson on August 03, 2004 at 04:44:07:
If I may ask you big boys over here this question. For those of you who are self employed I would like to know what you did to address this concern, and how you did it.
My aim is to get better mortgage interest rates. Obviously full doc loans, with a W2 will get you a better interest rate that stated or no doc loans.
But I am self employed, so I mostly do stated loans or no doc loans. I would like to start doing full documentation loans so I could get better rates. To do full doc loans, I could form an LLC. Have the LLC pay me as an employee so that at the end of the year the LLC can give me a W2 Form so that way I can apply for full doc mortgages as an employed person.
Would that be the right way to go? What have you guys done in this scenario. Please give suggestions. Thanks.
Re: Self Employed: Full Doc Loans, Stated Loans - Posted by Michele Robbins, CPA
Posted by Michele Robbins, CPA on August 19, 2004 at 12:59:42:
Just so you know, you cannot take a ‘salary’ with an LLC. You would instead take a ‘draw’ and show your tax returns to the bank rather than a W-2. If you want to actually put yourself on payroll, you would want to set up an S-Corp probably.
Michele Robbins, CPA
Note Funding Resources, LLC
http://www.notefunding.com
Re: Self Employed: Full Doc Loans, Stated Loans - Posted by Jesse
Posted by Jesse on August 08, 2004 at 14:08:16:
The interest rate you get doesn’t really matter whether its stated or full doc. Your rate depends on the LTV that you’re getting and your credit as well. The higher the LTV, the higher your rate will be. I’ve done several loans for investors would good rates.
Jesse