Residential Mortgage options for new business owners?

searcher profile

August 13, 2024

by a searcher in Petaluma, CA, USA

Are there any?

My wife and I acquired a business about 8 months ago with SBA financing. And then we moved to be where the business is. Because we sold our primary residence, we can put down a fair amount of cash towards the purchase of the next home. And my wife has kept her job so that we have a W2 income to help get a mortgage.

But it sure would be nice if there was a lender willing to lend against our W2 income + business cash flow. So far, I understand that the conventional lenders all want 2+ years business income history.

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commentor profile
Reply by a lender
from Eastern Illinois University in 900 E Diehl Rd, Naperville, IL 60563, USA
I would recommend contacting a residential loan broker / originator in your market that has access to multiple loan programs. There are a wide variety of programs available and depending on how much money you plan to put down you should be able to find an option that will work for you. There are low documentation loan programs available again as I understand it. I hope this helps. Good luck.
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Reply by an admin
from Massachusetts Institute of Technology in Portland, OR, USA
^redacted‌ ‌ have previously commented on Mortgages and might be able to help here.

If anyone else has questions on how live to post acquisition, or related topics, please post them and I'll do my best to get them answered for you.
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