One Year Tax Returns Needed for Self Employed Home Buyers

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Mortgage and Lending with Van Dyk Mortgage NMLS:98535,Corp 3035

Self-employed borrowers often face hurdles that make it difficult for them to get approved for a mortgage to purchase their new home.  The reason is that when you are self-employed you can "write off" many expenses that W2 employees cannot, and while this is a good thing when it comes to calculating how much is owed for taxes,  it also reduces the income the mortgage lender will use when underwriting your loan application.

This issue can be even more of a problem in the first couple of years of self-employment due to all of the start up expenses being written off.  Often, those new to self-employment will actually show a loss in the first couple of years in business.  Not only will this prevent them from being able to get approved for a mortgage in those years, it actually hurts them in following years as well as lenders will average the income earned over the previous two years and use that amount as the borrowers effective income when underwriting the loan.

However, I have good news.  VanDyk mortgage has a program that will allow those that are self-employed provide only one years tax return.  This means that you only need to have 1 year of good income to qualify for a home loan instead of two since we do not have to average the previous years income with the most recent year. 

Call me today and see if our program for Self Employed borrowers can help you with your new home purchase.  

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Specializing in Government Home Loans.  FHA, VA and  USDA Rural Development

 

Alabama: License # 52935

Birmingham, Montgomery, Mobile, Huntsville, Tuscaloosa, Hoover, Dothan, Decatur, Auburn, Gadseden, Florence, Bessemer, Madison, Prichard, Phenix City, Homewood, Vestavia Hills

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Kentucky: License # MC305583

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Louisiana: License # 35486

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Tennessee:  License # 108470

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We offer VA Loans,  FHA Loans, USDA Loans, and more across Alabama, Louisiana, Texas and Tennessee

 

Bill McDonald NMLS # 95835

VanDyk Mortgage NMLS # 3035

 

Bill McDonald-VanDyk Mortgage

705 Gate Ln Suite 202 104

Knoxville, TN 37909

(865) 686-8711

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Rainmaker
1,942,891
Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

You got that right.

Sep 21, 2014 09:03 PM #1
Rainmaker
1,006,608
June Piper-Brandon
Long & Foster Hampden - Baltimore, MD
Piecing Dreams One Home at a Time

This is great news.  Is this for principal residences only or investment properties too? What credit score is required?

Sep 21, 2014 09:05 PM #2
Rainmaker
67,129
Bill McDonald
Van Dyk Mortgage - Knoxville, TN
VA, USDA, FHA Government Loans - (865) 686-8711

This would be for all residency types.  The score requirments are the same, that has not changed.  The loan requires an approval from he Automated Underwriting System

Sep 21, 2014 09:38 PM #3
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Rainmaker
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Bill McDonald

VA, USDA, FHA Government Loans - (865) 686-8711
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