Category: Self-Employed

SELF-EMPLOYED AND TRYING TO GET A MORTGAGE?

Are you self-employed and write off your expenses so you don’t show any income to avoid paying Uncle Sam? Are you having trouble getting a mortgage? Well, we have some programs that can help. We can use your bank statements to show your receipt of revenue over the last 12-24 months. The lender will take a percentage of the receipts and calculate that amount as income. This is where the lender will take a percentage of your assets and use that as income. Monthly draws on retirement account If you are of retirement age, the lender will allow you to...

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SELF-EMPLOYMENT AND LOAN QUALIFICATION

After the mortgage crisis, there was a perception that self-employed individuals could not get loans; this was plain wrong. If you were self-employed, you could get a loan but the lenders looked at your net income, not your gross income to qualify; the same holds true today. However, if you write off all of your deductions and do not show any income, you may be able to get a loan today where you could not before. Some lenders will look at your gross receipts in your bank account, and take a percentage of those receipts and consider it as income....

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