Self employed mortgage questions
Hi everybody!
Looking for insight into self employed mortgages.
Info on my situation:
I run a contracting company ( corporation ), I am coming up to my 3rd fiscal year end. I pay myself dividends to limit my payroll taxes approx 2k every 2 weeks. I have an apprentice on payroll.
Revenue:
Year 1 : 98K
Year 2 : 470k - papered income 110k after expenses
Year 3: 760k - projected paper income 200k after expenses
I have been dealing with a broker and he’s said I can only really get approved for a mortgage if I do 20 percent down. I unfortunately cannot do 20 percent and I have read online that self employed mortgages can do percent down.
Does anyone have insight on this ? Perhaps you were in the same boat and were able to get a mortgage by jumping through hoops ?
Revenue wise and income wise I feel is sufficient but I’m hitting hurdles with the down payment. I ain’t a trust fund kid or come from a lot of money so getting a larger down payment would be a no go.