Then there is the 40% down, 10% interest only hard money, 3-5% origination fee option.
Self employed can find themselves in a difficult purchasing power situation, even if they are honest,by virtue of making their money in uneven increments as great as years or more. How many decent self employed people’s 5 year P&l looks better than the last 6 months to a year? I think nobody with good rates and terms cares(I don’t blame them either). However, the time lag to get a good, post recession P&L could hurt for market timing and costs of borrowing depending on how the recession affected self employment income.
