{"id":39927,"date":"2024-06-11T17:51:39","date_gmt":"2024-06-11T13:51:39","guid":{"rendered":"https:\/\/www.miamiherald.com\/banks\/?p=39927"},"modified":"2024-09-16T19:59:53","modified_gmt":"2024-09-16T15:59:53","slug":"business-owner","status":"publish","type":"post","link":"https:\/\/www.miamiherald.com\/banks\/mortgage\/business-owner\/","title":{"rendered":"Getting a Mortgage as a Business Owner: A Comprehensive Guide"},"content":{"rendered":" <p class=\"wp-block-paragraph\">A mortgage makes homeownership more attainable for many individuals, but that\u2019s not the only reason people take out mortgages. Some business owners take out mortgages to buy commercial properties in strategic locations. <a href=\"https:\/\/www.miamiherald.com\/banks\/banking\/business-vs-personal-checking-account\/\">Business owners<\/a> can benefit from an established presence and cash flow from their properties, but it takes extra work to receive a business mortgage. This guide will explore how business owners can obtain financing for their properties.<\/p> <h2 class=\"wp-block-heading\" id=\"h-the-differences-between-personal-and-business-mortgages\"><strong>The Differences Between Personal and Business Mortgages<\/strong><\/h2> <p class=\"wp-block-paragraph\">A personal mortgage is optimal for homeownership. Lenders assess the borrower\u2019s ability to make on-time payments and review FICO credit scores. However, business mortgage lenders assess a company\u2019s financials as well as business credit scores. While a good personal FICO score can help a business owner, lenders giving out business mortgages care a lot more about how a company manages its expenses than how the business owner manages expenses.<\/p> <h2 class=\"wp-block-heading\" id=\"h-is-it-harder-to-get-a-mortgage-as-a-business-owner\"><strong>Is It Harder to Get a Mortgage as a Business Owner?<\/strong><\/h2> <p class=\"wp-block-paragraph\">It\u2019s possible to obtain a mortgage as a business owner, but it may be harder to qualify for a business mortgage. Here\u2019s what you have to know about obtaining a business mortgage.<\/p> <h3 class=\"wp-block-heading\" id=\"h-how-business-owners-are-classified-for-mortgage-purposes\"><strong>How Business Owners are Classified for Mortgage Purposes<\/strong><\/h3> <p class=\"wp-block-paragraph\">Most business owners are classified as self-employed for tax purposes. That distinction holds out if you own at least 25% of a corporation\u2019s voting stock.<\/p> <h3 class=\"wp-block-heading\" id=\"h-legal-structures-and-their-impact-on-mortgage-approval\"><strong>Legal Structures and Their Impact on Mortgage Approval<\/strong><\/h3> <p class=\"wp-block-paragraph\">It\u2019s easier to get approved for a mortgage if you are the sole individual in your company. However, corporations have to go through more legwork during the application process. Multiple partners must agree to take out a mortgage for a corporation, and that means the lender has to review more information before giving out a mortgage.<\/p> <h3 class=\"wp-block-heading\" id=\"h-understanding-tax-implications-as-a-business-owner\"><strong>Understanding Tax Implications as a Business Owner<\/strong><\/h3> <p class=\"wp-block-paragraph\">Business owners can deduct mortgage interest payments and depreciation from their tax returns. Deductions cannot exceed $750,000 for mortgage interest payments.<\/p> <h3 class=\"wp-block-heading\" id=\"h-navigating-through-financial-statements-and-tax-returns\"><strong>Navigating Through Financial Statements and Tax Returns<\/strong><\/h3> <p class=\"wp-block-paragraph\">Business owners often have more tax documents than individual tax filers. It will take more time to gather these documents and present financial statements to a mortgage lender. However, you can keep all of these documents in the same spot once you gather them. That way, it\u2019s easy to refer back to them.<\/p> <h3 class=\"wp-block-heading\" id=\"h-what-lenders-look-for-in-a-business-owner\"><strong>What Lenders Look for in a Business Owner<\/strong><\/h3> <p class=\"wp-block-paragraph\">Lenders want to see that a business owner has enough revenue to cover existing expenses plus the monthly mortgage payments. They also want to see that the company has a good business credit score. Some small business lenders consider the business owner\u2019s income and FICO score when reviewing applications.<\/p> <h2 class=\"wp-block-heading\" id=\"h-are-there-specific-mortgage-products-available-for-business-owners\"><strong>Are There Specific Mortgage Products Available for Business Owners?<\/strong><\/h2> <p class=\"wp-block-paragraph\">Business owners can choose from several commercial mortgage products that can help them finance a property. These loans let you borrow more money than personal mortgages but tend to have higher interest rates.<\/p> <h2 class=\"wp-block-heading\" id=\"h-types-of-mortgages-available-for-business-owners\"><strong>Types of Mortgages Available for Business Owners<\/strong><\/h2> <p class=\"wp-block-paragraph\">These are some of the types of mortgages business owners can use to get financing for their properties.<\/p> <h3 class=\"wp-block-heading\" id=\"h-conventional-mortgages\"><strong>Conventional Mortgages<\/strong><\/h3> <p class=\"wp-block-paragraph\">Banks, credit unions, and other financial institutions offer these loans. The term usually ranges from 3-15 years and requires a 20% down payment. You may have to take out a loan of at least $1 million to qualify for a conventional business mortgage.<\/p> <h3 class=\"wp-block-heading\" id=\"h-government-backed-mortgages\"><strong>Government-backed Mortgages<\/strong><\/h3> <p class=\"wp-block-paragraph\">The U.S. Small Business Administration offers government-backed <a href=\"https:\/\/www.miamiherald.com\/banks\/business-loans\/requirements\/\">business loans<\/a> that you can use as mortgages. SBA-guaranteed loans have competitive rates and can help you obtain the necessary funding for your company. The maximum amount for a 7(a) SBA loan is $5 million. <\/p> <h3 class=\"wp-block-heading\" id=\"h-non-qm-options\"><strong>Non-QM Options<\/strong><\/h3> <p class=\"wp-block-paragraph\">Non-QM mortgages allow business owners to qualify for mortgages even if they do not fulfill traditional requirements. These loans let business owners use other information to obtain financing, such as their cash flow, assets, and other options.<\/p> <h2 class=\"wp-block-heading\" id=\"h-preparing-for-the-mortgage-application\"><strong>Preparing for the Mortgage Application<\/strong><\/h2> <p class=\"wp-block-paragraph\">While a mortgage application can seem complex at first glance, it becomes more manageable if you break it into steps. Here\u2019s how you can prepare for a mortgage application.<\/p> <h3 class=\"wp-block-heading\" id=\"h-gathering-essential-financial-documents\"><strong>Gathering Essential Financial Documents<\/strong><\/h3> <p class=\"wp-block-paragraph\">You will have to provide business documents, such as financial statements, proof of revenue, bank account statements, and other resources. The required documents vary for each lender.<\/p> <h3 class=\"wp-block-heading\" id=\"h-the-importance-of-building-a-strong-credit-profile\"><strong>The Importance of Building a Strong Credit Profile<\/strong><\/h3> <p class=\"wp-block-paragraph\">A good business credit score will help you qualify for better financing. A high score can translate into lower interest rates and higher loan amounts.<\/p> <h3 class=\"wp-block-heading\" id=\"h-understanding-debt-to-income-ratio-dti\"><strong>Understanding Debt-to-Income Ratio (DTI)<\/strong><\/h3> <p class=\"wp-block-paragraph\">The debt-to-income ratio is a key metric that lenders review to ensure that you can keep up with monthly mortgage payments. You can reduce your DTI ratio by generating more revenue and paying off more debt.<\/p> <h3 class=\"wp-block-heading\" id=\"h-creating-a-detailed-business-plan\"><strong>Creating a Detailed Business Plan<\/strong><\/h3> <p class=\"wp-block-paragraph\">Financial institutions want to know how your business will use the funds and what the long-term plan looks like. A detailed business plan will entice loan officers to take your request more seriously, and it can increase the likelihood of getting approved. Not all lenders require business plans, but it is very helpful to have one.<\/p> <h3 class=\"wp-block-heading\" id=\"h-finding-the-right-mortgage-broker-or-lender\"><strong>Finding the Right Mortgage Broker or Lender<\/strong><\/h3> <p class=\"wp-block-paragraph\">The best mortgage broker or lender offers the lowest rate and the highest loan amount. You\u2019ll have to compare several choices before finding the right one for your finances. Don\u2019t stop your search with one lender. It\u2019s good to compare a bunch of lenders before selecting a business mortgage.<\/p> <h3 class=\"wp-block-heading\" id=\"h-comparing-different-mortgage-offers\"><strong>Comparing Different Mortgage Offers<\/strong><\/h3> <p class=\"wp-block-paragraph\">Small business owners can choose from several mortgage offers. Make sure you compare rates, terms, and other details before committing to the right financial product for you.<\/p> <h2 class=\"wp-block-heading\" id=\"h-how-to-improve-your-chances-of-approval\"><strong>How to Improve Your Chances of Approval<\/strong><\/h2> <p class=\"wp-block-paragraph\">Even if you aren\u2019t ready to take out a business mortgage, working on your odds is good. These are some of the actions you can take to improve your chances of receiving a business mortgage loan.<\/p> <h3 class=\"wp-block-heading\" id=\"h-strengthening-your-income-documentation\"><strong>Strengthening Your Income Documentation<\/strong><\/h3> <p class=\"wp-block-paragraph\">Business owners often receive income from multiple clients. You\u2019ll have to present all of these documents to demonstrate how much your business earns.<\/p> <h3 class=\"wp-block-heading\" id=\"h-managing-business-expenses-effectively\"><strong>Managing Business Expenses Effectively<\/strong><\/h3> <p class=\"wp-block-paragraph\">Keeping business expenses low will help you save for a down payment, but that\u2019s not the only benefit. A good business budget demonstrates to lenders that you can cover the monthly mortgage payments.<\/p> <h3 class=\"wp-block-heading\" id=\"h-establishing-a-solid-business-credit-history\"><strong>Establishing a Solid Business Credit History<\/strong><\/h3> <p class=\"wp-block-paragraph\">Making on-time payments for financial obligations and opening a business checking account allows you to establish a solid business credit history. A higher business credit score increases your likelihood of getting approved, and you can also end up with a better rate and term.<\/p> <h2 class=\"wp-block-heading\" id=\"h-conclusion-overcoming-the-challenges-of-getting-a-mortgage-as-a-business-owner\"><strong>Conclusion: Overcoming the Challenges of Getting a Mortgage as a Business Owner<\/strong><\/h2> <p class=\"wp-block-paragraph\">It\u2019s possible for any small business owner to obtain financing, but some business owners will have to overcome these obstacles.<\/p> <h3 class=\"wp-block-heading\" id=\"h-inconsistent-income-streams\"><strong>Inconsistent Income Streams<\/strong><\/h3> <p class=\"wp-block-paragraph\">Business owners with inconsistent income streams are riskier for lenders, but it\u2019s still possible to <a href=\"https:\/\/www.miamiherald.com\/banks\/business-loans\/how-to-get\/\">get financing<\/a>. You may have to make a higher down payment or develop some consistent income streams to increase the likelihood of getting approved.<\/p> <h3 class=\"wp-block-heading\" id=\"h-high-debt-to-income-ratio\"><strong>High Debt-to-Income Ratio<\/strong><\/h3> <p class=\"wp-block-paragraph\">Most lenders will reject your application if your debt-to-income ratio is too high. You can trim your debt-to-income ratio by generating additional revenue or paying off business credit card debt and other financial obligations.<\/p> <h3 class=\"wp-block-heading\" id=\"h-complex-business-financials\"><strong>Complex Business Financials<\/strong><\/h3> <p class=\"wp-block-paragraph\">A complex set of financials can make it more difficult for a lender to assess your application. Streamlining your documents can simplify the process and increase your chances of receiving a business mortgage. <\/p> <h2 class=\"wp-block-heading\" id=\"h-faqs-on-getting-a-mortgage-as-a-business-owner\"><strong>FAQs on Getting a Mortgage as a Business Owner<\/strong><\/h2> <div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1724680551656\"><strong class=\"schema-faq-question\">Can you get a mortgage if you just started a business?<\/strong> <p class=\"schema-faq-answer\">It\u2019s possible to get a mortgage if you just started a business. However, the lender will likely review your personal credit score and DTI ratio during the application process. You may also have to sign a personal guarantee.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1724680562316\"><strong class=\"schema-faq-question\">What documentation do business owners need to provide when applying for a mortgage?<\/strong> <p class=\"schema-faq-answer\">Business owners need their EIN, ID, financial statements, and other documents when <a href=\"https:\/\/www.miamiherald.com\/banks\/business-loans\/how-to-apply\/\">applying for a mortgage<\/a>. Each type of mortgage has different requirements.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1724680571220\"><strong class=\"schema-faq-question\">How do lenders calculate income for self-employed individuals?<\/strong> <p class=\"schema-faq-answer\">Lenders review an employee\u2019s 1099 forms or review their bank account statements to determine a self-employed individual\u2019s income. While tax returns are a common route, alternative financing gives lenders more flexibility in determining income.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1724680581644\"><strong class=\"schema-faq-question\">How does the length of time in business impact mortgage approval?<\/strong> <p class=\"schema-faq-answer\">The length of time in business can increase the likelihood of getting approved for a mortgage and result in more competitive terms. Business owners with more experience have navigated more economic challenges and have learned more about their industries.<\/p> <\/div> <\/div> ","protected":false},"excerpt":{"rendered":"<p>This ultimate guide will reveal your mortgage options and explain how to obtain one as a small business owner.<\/p> ","protected":false},"author":7,"featured_media":40037,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[217],"tags":[],"class_list":["post-39927","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgage"],"acf":{"zone_id":"322150","sponsored":false,"external_author":39808,"external_editor":39659,"not_show_feature_image":false},"featured_image_src":"https:\/\/www.miamiherald.com\/banks\/wp-content\/uploads\/2024\/06\/getting-a-mortgage-as-a-business-owner.jpg","author_info":{"display_name":"","author_link":"https:\/\/www.miamiherald.com\/banks\/author\/"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.5 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Getting a Mortgage as a Business Owner: A Comprehensive Guide | Miami Herald<\/title>\n<meta name=\"description\" content=\"This ultimate guide will reveal your mortgage options and explain how to obtain one as a small business owner.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.miamiherald.com\/banks\/mortgage\/business-owner\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Getting a Mortgage as a Business Owner: A Comprehensive Guide\" \/>\n<meta property=\"og:description\" content=\"This ultimate guide will reveal your mortgage options and explain how to obtain one as a small business owner.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.miamiherald.com\/banks\/mortgage\/business-owner\/\" \/>\n<meta property=\"og:site_name\" content=\"Miami Herald - Personal Finance\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-11T13:51:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-09-16T15:59:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.miamiherald.com\/banks\/wp-content\/uploads\/2024\/06\/getting-a-mortgage-as-a-business-owner.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/mortgage\\\/business-owner\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/mortgage\\\/business-owner\\\/\"},\"author\":{\"@type\":\"Person\",\"image\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/Marc-Guberti.png\",\"name\":\"Marc Guberti\",\"jobTitle\":\"Writer\",\"url\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/author\\\/marc-guberti\\\/\",\"description\":\"&lt;p&gt;Marc Guberti is a Certified Personal Finance Counselor and a finance freelance writer for five years. He has covered personal finance, investing, banking, credit cards, business financing, and other topics. When he\u2019s not writing, Marc enjoys spending time with the family and watching movies with them (mostly from the 1930s and 40s). Marc is an avid runner who aims to run over 100 marathons in his lifetime.&lt;\\\/p&gt;\\n\"},\"headline\":\"Getting a Mortgage as a Business Owner: A Comprehensive Guide\",\"datePublished\":\"2024-06-11T13:51:39+00:00\",\"dateModified\":\"2024-09-16T15:59:53+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/mortgage\\\/business-owner\\\/\"},\"wordCount\":1428,\"image\":{\"@id\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/mortgage\\\/business-owner\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/getting-a-mortgage-as-a-business-owner.jpg\",\"articleSection\":[\"Mortgage Loans\"],\"inLanguage\":\"en-US\",\"timeRequired\":\"PT1MIN\"},{\"@type\":[\"WebPage\",\"FAQPage\"],\"@id\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/mortgage\\\/business-owner\\\/\",\"url\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/mortgage\\\/business-owner\\\/\",\"name\":\"Getting a Mortgage as a Business Owner: A Comprehensive Guide | Miami Herald\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/mortgage\\\/business-owner\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/mortgage\\\/business-owner\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/getting-a-mortgage-as-a-business-owner.jpg\",\"datePublished\":\"2024-06-11T13:51:39+00:00\",\"dateModified\":\"2024-09-16T15:59:53+00:00\",\"author\":{\"@id\":\"\"},\"description\":\"This ultimate guide will reveal your mortgage options and explain how to obtain one as a small business owner.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/mortgage\\\/business-owner\\\/#breadcrumb\"},\"mainEntity\":[{\"@id\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/mortgage\\\/business-owner\\\/#faq-question-1724680551656\"},{\"@id\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/mortgage\\\/business-owner\\\/#faq-question-1724680562316\"},{\"@id\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/mortgage\\\/business-owner\\\/#faq-question-1724680571220\"},{\"@id\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/mortgage\\\/business-owner\\\/#faq-question-1724680581644\"}],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/mortgage\\\/business-owner\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/mortgage\\\/business-owner\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/getting-a-mortgage-as-a-business-owner.jpg\",\"contentUrl\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/getting-a-mortgage-as-a-business-owner.jpg\",\"width\":1200,\"height\":800,\"caption\":\"getting a mortgage as a business owner\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/mortgage\\\/business-owner\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Getting a Mortgage as a Business Owner: A Comprehensive Guide\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/#website\",\"url\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/\",\"name\":\"Miami Herald - Personal Finance\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"\",\"url\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/author\\\/\"},{\"@type\":\"Question\",\"@id\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/mortgage\\\/business-owner\\\/#faq-question-1724680551656\",\"position\":1,\"url\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/mortgage\\\/business-owner\\\/#faq-question-1724680551656\",\"name\":\"Can you get a mortgage if you just started a business?\",\"answerCount\":1,\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"It\u2019s possible to get a mortgage if you just started a business. However, the lender will likely review your personal credit score and DTI ratio during the application process. You may also have to sign a personal guarantee.\",\"inLanguage\":\"en-US\"},\"inLanguage\":\"en-US\"},{\"@type\":\"Question\",\"@id\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/mortgage\\\/business-owner\\\/#faq-question-1724680562316\",\"position\":2,\"url\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/mortgage\\\/business-owner\\\/#faq-question-1724680562316\",\"name\":\"What documentation do business owners need to provide when applying for a mortgage?\",\"answerCount\":1,\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Business owners need their EIN, ID, financial statements, and other documents when <a href=\\\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/business-loans\\\/how-to-apply\\\/\\\">applying for a mortgage<\\\/a>. Each type of mortgage has different requirements.\",\"inLanguage\":\"en-US\"},\"inLanguage\":\"en-US\"},{\"@type\":\"Question\",\"@id\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/mortgage\\\/business-owner\\\/#faq-question-1724680571220\",\"position\":3,\"url\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/mortgage\\\/business-owner\\\/#faq-question-1724680571220\",\"name\":\"How do lenders calculate income for self-employed individuals?\",\"answerCount\":1,\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Lenders review an employee\u2019s 1099 forms or review their bank account statements to determine a self-employed individual\u2019s income. While tax returns are a common route, alternative financing gives lenders more flexibility in determining income.\",\"inLanguage\":\"en-US\"},\"inLanguage\":\"en-US\"},{\"@type\":\"Question\",\"@id\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/mortgage\\\/business-owner\\\/#faq-question-1724680581644\",\"position\":4,\"url\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/mortgage\\\/business-owner\\\/#faq-question-1724680581644\",\"name\":\"How does the length of time in business impact mortgage approval?\",\"answerCount\":1,\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The length of time in business can increase the likelihood of getting approved for a mortgage and result in more competitive terms. Business owners with more experience have navigated more economic challenges and have learned more about their industries.\",\"inLanguage\":\"en-US\"},\"inLanguage\":\"en-US\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Getting a Mortgage as a Business Owner: A Comprehensive Guide | Miami Herald","description":"This ultimate guide will reveal your mortgage options and explain how to obtain one as a small business owner.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.miamiherald.com\/banks\/mortgage\/business-owner\/","og_locale":"en_US","og_type":"article","og_title":"Getting a Mortgage as a Business Owner: A Comprehensive Guide","og_description":"This ultimate guide will reveal your mortgage options and explain how to obtain one as a small business owner.","og_url":"https:\/\/www.miamiherald.com\/banks\/mortgage\/business-owner\/","og_site_name":"Miami Herald - Personal Finance","article_published_time":"2024-06-11T13:51:39+00:00","article_modified_time":"2024-09-16T15:59:53+00:00","og_image":[{"width":1200,"height":800,"url":"https:\/\/www.miamiherald.com\/banks\/wp-content\/uploads\/2024\/06\/getting-a-mortgage-as-a-business-owner.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Written by":"","Est. reading time":"7 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.miamiherald.com\/banks\/mortgage\/business-owner\/#article","isPartOf":{"@id":"https:\/\/www.miamiherald.com\/banks\/mortgage\/business-owner\/"},"author":{"@type":"Person","image":"https:\/\/www.miamiherald.com\/banks\/wp-content\/uploads\/2024\/08\/Marc-Guberti.png","name":"Marc Guberti","jobTitle":"Writer","url":"https:\/\/www.miamiherald.com\/banks\/author\/marc-guberti\/","description":"&lt;p&gt;Marc Guberti is a Certified Personal Finance Counselor and a finance freelance writer for five years. He has covered personal finance, investing, banking, credit cards, business financing, and other topics. When he\u2019s not writing, Marc enjoys spending time with the family and watching movies with them (mostly from the 1930s and 40s). Marc is an avid runner who aims to run over 100 marathons in his lifetime.&lt;\/p&gt;\n"},"headline":"Getting a Mortgage as a Business Owner: A Comprehensive Guide","datePublished":"2024-06-11T13:51:39+00:00","dateModified":"2024-09-16T15:59:53+00:00","mainEntityOfPage":{"@id":"https:\/\/www.miamiherald.com\/banks\/mortgage\/business-owner\/"},"wordCount":1428,"image":{"@id":"https:\/\/www.miamiherald.com\/banks\/mortgage\/business-owner\/#primaryimage"},"thumbnailUrl":"https:\/\/www.miamiherald.com\/banks\/wp-content\/uploads\/2024\/06\/getting-a-mortgage-as-a-business-owner.jpg","articleSection":["Mortgage Loans"],"inLanguage":"en-US","timeRequired":"PT1MIN"},{"@type":["WebPage","FAQPage"],"@id":"https:\/\/www.miamiherald.com\/banks\/mortgage\/business-owner\/","url":"https:\/\/www.miamiherald.com\/banks\/mortgage\/business-owner\/","name":"Getting a Mortgage as a Business Owner: A Comprehensive Guide | Miami Herald","isPartOf":{"@id":"https:\/\/www.miamiherald.com\/banks\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.miamiherald.com\/banks\/mortgage\/business-owner\/#primaryimage"},"image":{"@id":"https:\/\/www.miamiherald.com\/banks\/mortgage\/business-owner\/#primaryimage"},"thumbnailUrl":"https:\/\/www.miamiherald.com\/banks\/wp-content\/uploads\/2024\/06\/getting-a-mortgage-as-a-business-owner.jpg","datePublished":"2024-06-11T13:51:39+00:00","dateModified":"2024-09-16T15:59:53+00:00","author":{"@id":""},"description":"This ultimate guide will reveal your mortgage options and explain how to obtain one as a small business owner.","breadcrumb":{"@id":"https:\/\/www.miamiherald.com\/banks\/mortgage\/business-owner\/#breadcrumb"},"mainEntity":[{"@id":"https:\/\/www.miamiherald.com\/banks\/mortgage\/business-owner\/#faq-question-1724680551656"},{"@id":"https:\/\/www.miamiherald.com\/banks\/mortgage\/business-owner\/#faq-question-1724680562316"},{"@id":"https:\/\/www.miamiherald.com\/banks\/mortgage\/business-owner\/#faq-question-1724680571220"},{"@id":"https:\/\/www.miamiherald.com\/banks\/mortgage\/business-owner\/#faq-question-1724680581644"}],"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.miamiherald.com\/banks\/mortgage\/business-owner\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.miamiherald.com\/banks\/mortgage\/business-owner\/#primaryimage","url":"https:\/\/www.miamiherald.com\/banks\/wp-content\/uploads\/2024\/06\/getting-a-mortgage-as-a-business-owner.jpg","contentUrl":"https:\/\/www.miamiherald.com\/banks\/wp-content\/uploads\/2024\/06\/getting-a-mortgage-as-a-business-owner.jpg","width":1200,"height":800,"caption":"getting a mortgage as a business owner"},{"@type":"BreadcrumbList","@id":"https:\/\/www.miamiherald.com\/banks\/mortgage\/business-owner\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.miamiherald.com\/banks\/"},{"@type":"ListItem","position":2,"name":"Getting a Mortgage as a Business Owner: A Comprehensive Guide"}]},{"@type":"WebSite","@id":"https:\/\/www.miamiherald.com\/banks\/#website","url":"https:\/\/www.miamiherald.com\/banks\/","name":"Miami Herald - Personal Finance","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.miamiherald.com\/banks\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"","url":"https:\/\/www.miamiherald.com\/banks\/author\/"},{"@type":"Question","@id":"https:\/\/www.miamiherald.com\/banks\/mortgage\/business-owner\/#faq-question-1724680551656","position":1,"url":"https:\/\/www.miamiherald.com\/banks\/mortgage\/business-owner\/#faq-question-1724680551656","name":"Can you get a mortgage if you just started a business?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"It\u2019s possible to get a mortgage if you just started a business. However, the lender will likely review your personal credit score and DTI ratio during the application process. You may also have to sign a personal guarantee.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/www.miamiherald.com\/banks\/mortgage\/business-owner\/#faq-question-1724680562316","position":2,"url":"https:\/\/www.miamiherald.com\/banks\/mortgage\/business-owner\/#faq-question-1724680562316","name":"What documentation do business owners need to provide when applying for a mortgage?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Business owners need their EIN, ID, financial statements, and other documents when <a href=\"https:\/\/www.miamiherald.com\/banks\/business-loans\/how-to-apply\/\">applying for a mortgage<\/a>. Each type of mortgage has different requirements.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/www.miamiherald.com\/banks\/mortgage\/business-owner\/#faq-question-1724680571220","position":3,"url":"https:\/\/www.miamiherald.com\/banks\/mortgage\/business-owner\/#faq-question-1724680571220","name":"How do lenders calculate income for self-employed individuals?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Lenders review an employee\u2019s 1099 forms or review their bank account statements to determine a self-employed individual\u2019s income. While tax returns are a common route, alternative financing gives lenders more flexibility in determining income.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/www.miamiherald.com\/banks\/mortgage\/business-owner\/#faq-question-1724680581644","position":4,"url":"https:\/\/www.miamiherald.com\/banks\/mortgage\/business-owner\/#faq-question-1724680581644","name":"How does the length of time in business impact mortgage approval?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"The length of time in business can increase the likelihood of getting approved for a mortgage and result in more competitive terms. Business owners with more experience have navigated more economic challenges and have learned more about their industries.","inLanguage":"en-US"},"inLanguage":"en-US"}]}},"_links":{"self":[{"attributes":[],"href":"https:\/\/www.miamiherald.com\/banks\/wp-json\/wp\/v2\/posts\/39927"}],"collection":[{"attributes":[],"href":"https:\/\/www.miamiherald.com\/banks\/wp-json\/wp\/v2\/posts"}],"about":[{"attributes":[],"href":"https:\/\/www.miamiherald.com\/banks\/wp-json\/wp\/v2\/types\/post"}],"author":[{"attributes":{"embeddable":true},"href":"https:\/\/www.miamiherald.com\/banks\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"attributes":{"embeddable":true},"href":"https:\/\/www.miamiherald.com\/banks\/wp-json\/wp\/v2\/comments?post=39927"}],"version-history":[{"attributes":{"count":0},"href":"https:\/\/www.miamiherald.com\/banks\/wp-json\/wp\/v2\/posts\/39927\/revisions"}],"acf:post":[{"attributes":{"embeddable":true},"href":"https:\/\/www.miamiherald.com\/banks\/wp-json\/wp\/v2\/external-author\/39659"},{"attributes":{"embeddable":true},"href":"https:\/\/www.miamiherald.com\/banks\/wp-json\/wp\/v2\/external-author\/39808"}],"wp:featuredmedia":[{"attributes":{"embeddable":true},"href":"https:\/\/www.miamiherald.com\/banks\/wp-json\/wp\/v2\/media\/40037"}],"wp:attachment":[{"attributes":[],"href":"https:\/\/www.miamiherald.com\/banks\/wp-json\/wp\/v2\/media?parent=39927"}],"wp:term":[{"attributes":{"taxonomy":"category","embeddable":true},"href":"https:\/\/www.miamiherald.com\/banks\/wp-json\/wp\/v2\/categories?post=39927"},{"attributes":{"taxonomy":"post_tag","embeddable":true},"href":"https:\/\/www.miamiherald.com\/banks\/wp-json\/wp\/v2\/tags?post=39927"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}