selfemployed: Bank Statement Mortgage Options From Angel Oak Home Loans - 05/20/19 09:46 AM

 
Our Bank Statement Program is an excellent way for you to sell more homes. Prospect for self-employed buyers and let them know you have an ideal option that may help them qualify for a home. While self-employed buyers may not fit into traditional loan guidelines, many do not have credit issues keeping them from qualifying for a home loan. Their issue lies within documenting income. As well, a number of these buyers might be looking for more expensive homes that fall into non-Agency Jumbo. 
All of our products are great, but Bank Statement is one you can count on to help your … (0 comments)

selfemployed: Self-Employed???? Acceptable Use of Business Funds for Closing - 06/11/10 11:13 AM
Self-employed????  Is most of you money in your business account???
Under certain circumstances, self-employed buyers can use funds from their business banking account.  There are a couple of guidelines that must be met for this to be acceptable. 
They must be a 100% owner of the business.  Additionally, their CPA must confirm that the buyer's use of business funds will have no negative impact on the business.   Since a business account statement may show several deposits, be sure to keep copies of any check deposited into the account. 
 
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selfemployed: Business Expense Deductions vs Qualifying for a Mortgage - 05/08/10 01:51 AM
Since late 2007, the mortgage industry has experienced an extreme tightening of underwriting guidelines across the board.  One area in particular is giving some borrowers a fit......tax returns.  As part of the quality control process, most all mortgage lenders are now, prior to closing, verifying tax returns with the IRS for the most recent 2 year tax period. 
Many, otherwise qualified, borrowers are being denied financing simply because they wrote off too much of their income to be able to qualify.  While some taxpayers can legitimately write off business expenses, some often go overboard and greatly reduce their actual bottom line … (1 comments)