#002: Buying a Home When You Own A Small Business with Steven Gouveia

Profit Points

One hurdle small business owners can run into is getting a residential mortgage for their primary or even secondary residence. This can be scary, frustrating, and feel like a big process. Today, Shawn Cahill and I are talking with Steven Gouveia from Envoy Mortgage. Steven is a full service residential mortgage lender, and at the basics, he helps people get money to buy homes.
Steven works with small business owners to help them determine what they need to get a loan and how to get it. Because the needs of every small business owner are different, it’s really important that you see somebody knowledgeable like Steven, who can dissect your situation. In this episode, Steven shares some great tips and advice if you’re a small business owner looking to purchase your primary or even a secondary or third residence.
What are banks looking for? The way each way businesses and self-employed persons claim their income is unique and the documentation is going to differ. However, you can expect to need a complete tax turn dating at least 1 to 2 years back, an income source meaning W2s if you have them, and paystubs covering the last 30 days. Also, you can prepare a statement of liquid assets, this is money that is available to the client but not designated as income, which could be rent collection from a property as well as retirement accounts.
Additionally, what happens if you’re a small business owner with credit issues? Steven works with his clients to find creative solutions. He looks at what’s helping and what’s hurting his clients and moves up from there.
If you’re a small business owner who is ready to buy a residential property, you don’t have to worry. Steven assures you that no matter what, you’re going to get a loan. It may take more time and more work but there are real estate lenders out there who are creative and passionate about getting you the money to buy a home!
What's Inside:
• What do you need to buy a home as a small business owner?
• How to validate your income when you’re self-employed.
• Finding creative solutions for buying a home.
• How can small business owners buy homes?
• Real estate tips and tricks for small business owners.
Mentioned in This Episode:
— Envoy Mortgage
— [e-mail]