self employed mortgage: Can I get a Bank Statement Cash Out Refinance Loan?
- 12/17/18 05:55 PM
Can I Get a Bank Statement Cash Out Refinance Loan? Bank statement loans are for self employed borrowers who cannot document enough income to qualify for a mortgage. They qualify using the average deposits in their personal and or business accounts for 12-24 months. Now, this program is also available to those looking for a cash out refinance. This enables self employed homeowners to cash out the equity they need to do repairs or even for investments.
Bank Statement Cash Out Refinance Loan Pros and Cons Pros Helps self employed borrowers to qualify for a mortgage without using tax returns to prove income … (0 comments)
self employed mortgage: Self Employed - Bank Statement Loans
- 10/28/18 04:01 AM
Self employed individuals have often struggled to find loans to purchase a home. While they are taking legal tax deductions as business owners, those deductions result in a very low net income on their tax returns. This low net income prevented them from qualifying for a loan. The good news is there is loan program today for self employed individuals. It is called a 12-24 month bank Statement Loan. With this program, business owners provide 12-24 month's bank statements (both business and personal) to show that they have monthly deposits coming in. A percentage of those average monthly deposits are used as … (1 comments)
self employed mortgage: Mortgages and Loans For Self Employed Business Owners
- 01/31/10 10:39 AM
Over the past few years, it has become increasingly difficult for self employed borrowers to qualify for a mortgage loan. Most lenders have removed no doc, stated income or no income verification loans from their product offerings.
Self employed borrowers have been taking advantage of the tax benefits provided to them but this hurts them when it is time to apply for a mortgage. Lending guidelines would require that borrower to qualify using the NET income referenced on the tax returns. Those self employed borrowers would have no trouble making the mortgage payments in most instances.
Can I Get a Bank Statement Cash Out Refinance Loan?
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