In last week’s Keynote, we talked about how, through our debt-service coverage ratio (DSCR) loan program, we can help more clients build wealth through investing in real estate. Part two of our expanding product discussion is about helping self-employed and newly self-employed potential homebuyers. If you remember from last week’s Keynote focusing on investors, Key Mortgage is leveraging a suite of products called non-qualified (non-QM) loans that offer wider eligibility parameters than the traditional guidelines set by Fannie Mae, Freddie Mac, or FHA. The second grouping of products we will share with you helps us qualify more self-employed homebuyers, utilizing a variety of documents rather than traditional tax returns.

Being your own boss and owning your own business can be one of the most rewarding experiences, with many benefits and opportunities. But it also comes with challenges, and one of those is qualifying for a mortgage loan. The rules and guidelines of mortgage lending don’t always align with the benefits of owning your own business, but that doesn’t mean owning a home is out of reach.

We know one size does not fit all, and at Key Mortgage, we have developed the knowledge and relationships with various investors that provide financing options to self-employed individuals. Let’s learn about some of the options available:

1. Qualify with only one year of tax returns

Clients who have owned their businesses for multiple years may only need to supply their most recent tax returns for qualification.

2. Use cash flow into the business

By analyzing 12 or 24 months of business revenue deposited into their business accounts, we can provide a stream of income they can use to qualify for a mortgage.

3. Asset annuitization

For those individuals who may be self-employed but have significant assets, we can create a qualifying income stream from those assets.

This knowledge can help you engage in conversations with us to create a prospecting opportunity for those individuals who may not realize they have options. Leveraging your knowledge about certain occupations that are historically self-employed or independent contractors could create a whole new sphere of potential clients.

Partnering with your Key Mortgage loan officer can help you put a plan together to tackle this opportunity and ensure your clients are on the correct path to homeownership. More opportunities = more business! Reach out to your Key Mortgage LO today and see how you can incorporate them into your prospecting plan and grow your business together!