Good Morning!I run into a lot of self-employed people that “maximize their deductions” on their tax returns.
They make money, but they don’t show a lot of income on their tax returns due to their deductions.
They may have great credit, but they can’t get a mortgage because they don’t show enough income.
We have bank statement loans now for people in this category. Your bank deposits over two years become your monthly income. The underwriter will want to see the deposits are from business-related income.
The rates will be a bit higher on this type of loan than a conventional mortgage, but they can still be relatively low if your credit is decent. Down payments range from 10% to 40% down depending on credit.
If you are in this category and need a mortgage shoot me an email or give me a call and I’ll see if we can help you out.
That’s it for today!
Have a good day today! …and thanks for reading.