Lenders look at your net income, not your total revenues, for qualification. But, there are other ways to get qualified. There are loans where lenders will look at your bank statements and use a percentage of deposits as income. Many lenders require 2 years self-employment, but there are some lenders who only require 1 year. There are 1099 only programs. There are also loans available where your income and employment are not verified (but you’ll need substantial reserves to qualify). Are you self-employed and struggling to qualify? Give us a call and we can help. Counsel Mortgage...
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...
June 14, 2020June 14, 2020john
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....
January 18, 2020January 18, 2020john