Mortgage for “self employed” (35% equity in vc backed company but also w-2 employee)?
I am looking to find a mortgage for a new home purchase. I was in corporate America until feb 2012 when my startup on the side closed vc funding and I went full time on that. It is a c-corp, I own 35% of the business but am also a w-2 employee taking salary (no question the salary is enough to cover the loan)
I am being told that because I own more than 25% of the business I am “self employed” and therefore none of my income qualifies for a loan. I was also told of I owned 24% instead of 35% I would just be thought of as a normal w-2 employee, and have no problem getting financed.
Obviously that is pretty irrational – does anyone know of a solution to this problem that doesnt require a cosigner or a massive down payment? Are there any rational lenders that understand that this is silly and work with me?