|By PR Newswire||
|March 8, 2014 12:00 AM EST||
SAN DIEGO, March 8, 2014 /PRNewswire-iReach/ -- LoanLove.com is a borrower advice website that provides up to date and in depth information in a format that is valuable to the most experienced home owners while still being accessible to those who are just starting out with applying for their first home purchase loan. The website, which has quickly become a trusted destination for current news and expert loan advice, empowers homeowners with first class knowledge, valuable resources, and connections to top rated industry professionals. Recently featured on the loan advice website is a new article that delves into details and challenges of obtaining home loans for self-employed in 2014 .
The article starts off by saying, "Whether newly at the helm or a veteran entrepreneur, business owners hoping to buy a new home this year could find rough waters ahead. Mortgages for individuals self-employed in 2014 are likely to fall under even greater scrutiny than in the past. Congress passed the Dodd-Frank Act of 2010 to avoid another financial crisis. The measure addressed a number of issues, including the predatory loan practices behind the housing market meltdown. The new mortgage lending rule, including guidelines to assure a borrower met standards for the necessary Qualified Mortgage (QM), went into effect Jan. 10, 2014, and is designed to keep consumers from being approved for mortgages they cannot repay. The rule raises the bar for consumers to qualify for a mortgage loan, with the requirements even more challenging for the self-employed."
The Loan Love article explains that borrowers that are self employed have always faced more challenges than traditionally employed borrowers since it is a lot harder to verify income without the benefit of being able to show a few years' worth of W2s. They will often have to use tax returns to show their ability to repay, and this can be to their disadvantage since most self employed individuals are able to avail of many tax deductions which can be good most of the time, but makes it difficult to prove that sufficient income is available for the loan they wish to apply for.
However, under the new QM rules, lenders are required to ensure that borrowers are able to repay their loans. Consumers can even sue lenders who do not take steps to properly verify the borrower's financial information. Because of this, there is more pressure than ever for lenders to clearly see that borrowers are able to pay back their home loans.
Loan Love says, "Borrowers have to prove beyond doubt they have the ability to repay. The rules of the game are already stacked against the self-employed because of their often uncertain income. The "Ability-to-Repay" rule takes that challenge and significantly magnifies it by applying more restrictive criteria to receive a qualified mortgage. This focus on cash flow brought about by the new QM rules can make it difficult for lenders to approve a loan. This can hold true even when a self-employed person has significant funds in the bank, which can leave some self-employed individuals scratching their heads over a loan turn-down."
The article goes on to explain that unless prospective borrower can demonstrate a stable or increasing income, their chances of getting a mortgage loan approves under the new rules could be quite slim. Loan Love says, "Under the new QM rules, it's questionable how much leeway lenders might feel they have, or how willing they might be to use it, to make decisions regarding mortgage loans for self-employed individuals. Unfortunately, the current economic and political environment would suggest lenders are not likely to go too far out of their way to qualify borrowers who have anything but a pristine financial history and easily verifiable income. Most lenders will not be willing to risk running afoul of secondary mortgage market guidelines."
For more information on mortgages for the self-employed in 2014, click here to read the full article on LoanLove.com.
Media Contact: Kevin Blue, LoanLove.com, 949-292-8401, [email protected]
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