Special More Simple Program for Schedule E Buyers

 The Federal Savings Bank has special products to help your buyers get financed.  If you have a challenging scenario, please give me a call at 203-981-8282.  I can probably help you.  We lend in all 50 states!

Schedule E

1.       We use the “old-school” method of Schedule E. We take gross income – gross expenses and add-back depreciation. We don’t use the P&I payment from the credit report
2.     We also make documentation lighter!  If your borrower has a property on schedule E for two years, we don’t ask for the mortgage statement, HOA docs, taxes and insurance for it
3.     If your borrower has < 25% ownership in a business that has depreciation, they can provide the business returns to add back depreciation based off the borrower’s ownership percentage