Author Topic: Self-Employed Borrowers - Bank Statement Loans  (Read 820 times)

Offline pianoman9701

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Self-Employed Borrowers - Bank Statement Loans
« on: August 04, 2023, 12:59:56 PM »
It's a little more difficult to get a mortgage when you're self-employed...usually. I have lenders who use 1-2 years of business bank statements to qualify you and it's usually very quick and easy, sometimes cleared to close in as little as 2-3 weeks from submission. And you shouldn't need to supply yearly taxes. They use an expense factor determined by either their default percentage (normally 50%), or by a CPA's letter stating that the expense factor is as low as 10-15%, depending on the lender. Low expense factors are normally due to working at a home office (like me), or other service jobs with low physical expenses. For example, if I get a CPA's letter stating that my expense factor is 20% and my monthly deposits are $10,000.00, my qualified income for the loan would be $8,000.00/month. They can also use use deposits in your personal account from the business at 100%, in some cases. Let me know if you're self-employed, your business makes you a good income, and you've had trouble getting a mortgage in the past. If you've been a registered/licensed business for at least two years, I'll work hard to find a solution for you!
"Restricting the rights of law-abiding citizens based on the actions of criminals and madmen will have no positive effect on the future acts of criminals and madmen. It will only serve to reduce individual rights and the very security of our republic." - Pianoman


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