self employed stated income: 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 stated income: 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.
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.
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