Are there anyways to get around a mortgage with no income showing for self employed

Rent-to-own is your best solution; the more money you have for deposit toward purchase,the better you look.

The Financial Reform Bill HR4173 signed into law by President Obama on 8/1/10 outlaws stated income and no doc loans.Section 1411 reads: "'(4) INCOME VERIFICATION.-A creditor making a residential mortgage loan shall verify amounts of income or assets that such creditor relies on to determine repayment ability, including expected income or assets, by reviewing the consumer's Internal Revenue Service Form W-2, tax returns, payroll receipts, financial institution records, or other third-party documents that provide reasonably reliable evidence of the consumer's income or assets..." So to answer your question.. no.. it would be illegal. The whole reason stated income loans were initiated was for SE borrowers.. but this law makes no income verification loans illegal. However there are exceptions.. if your refinancing, there are some programs which do not require income verification. Keep in mind that these laws can be interpreted differently.. for ALL conforming programs, (VA, FHA, USDA, Conventional), tax returns, w2's, pay stubs, bank statements, are the only forms of income verification they will allow.. For portfolio lenders and hard money lenders, they interpret the rules differently.. some will take 3 months bank statements to verify that you have sufficient deposits to meet the obligation, and by the letter of the law, they have complied.. but with all residential mortgages, they will need to verify your income.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

unfortunately the days of the no income loans are gone. The only loans now that have no income requirement are certain streamline refinances. How long have you been self employed

The days of the no income, no asset, no proof of income loan are pretty much gone. New rules and regulations by the government have made them difficult, if not impossible for lenders to provide. Some states are more difficult than others. With that said, we are starting to see a very slow return of some of those products by a super small number of lenders. You'll need to do a ton of legwork, and you'll likely get 100 no answers before you get a yes... Good luck

Depends on if you are filing as a Schedule C or a Corporation. On a Schedule C there usually are some expenses that can be added back to your net income. On a corporation generally what ever the K-1 or profit being paid to you is the actual net profit.

All of the others have given you good answers. I am a broker here in the Richmond area. Please call me and we can discuss the different scenarios. Jericho Cherry 804-556-0685.

Unfortunately, it will be very challenging to get funding without any income with today's lending standards. Good luck!

Yes. Find a lender that does Stated Income loans. This will most likely be with a portfolio lender. I have a stated loan program but I am only licensed in California, Utah, and Idaho so if the loan is in one of these states please give me a call.

SolomonGabe, The answer below from Brad606 is not completely correct. There is a loan program for self-employed individuals like yourself whereby you can qualify on 24 months of bank statements, as long as you have a 680 credit score or better and 20% down payment or more. Hopefully this will give you a fighting chance to get a loan. Good luck!