Chicago Mortgage Loans For Self Employed Individuals

This BLOG On Chicago Mortgage Loans For Self Employed Individuals Was UPDATED On July 8, 2017

A lot of people in the Chicago area are self employed, and if you’re one of the many who are trying to obtain Chicago mortgage loans for self employed individuals, I have good news and advice for you!

What’s the scoop on Chicago mortgage loans if you’re self-employed?

Mortgage loans for self employed individuals used to be challenging until now. We now have Chicago Mortgage Loans For Self Employed Individuals. NON-QM Loans and Bank Statement Mortgage Loans are designed for Chicago Mortgage Loans For Self Employed Individuals. No tax returns required.

  • Most self employed individuals tend to write off as much as possible to minimize paying taxes.
  • Writing off business expenses and utilizing as much deductions as possible is one of the many advantages of being self employed due to the fact that you get away with paying a lot of taxes.
  • Chicago mortgage loans for self employed individuals now do not require tax returns and we can just go off 24 months bank statements. 

Chicago Mortgage Loans For Self Employed Individuals With Bank Statement Mortgage Loan Programs

Income for Chicago Mortgage Loans For Self Employed Individuals are calculated with deposits.

  • A mortgage lender will go off what the self employed worker has filed for income on their tax returns. 
  • Mortgage lenders require two years tax returns and will average the two years income from the tax returns. 
  • If the latter year income is greater than the previous year, the two income off the tax returns are averaged. 
  • If the latter year income is less than the previous year’s income off the tax return, the mortgage lender will use the lesser income amount.
  • However, with our new Chicago Mortgage Loans For Self Employed Individuals, only deposits from bank statements are used to qualify income.
  • Deductions from tax returns do not matter.

Lenders Specializing In Mortgage Loans For Self Employed

Business owners and self employed individuals who own business looking to purchase a home and are seeking a Chicago mortgage loan, please contact us to get qualified. The Gustan Cho Team are experts in mortgage loans for self employed individuals.

  • I specialize in Chicago mortgage loans for self employed individuals.
  • No Tax Returns Required.
  • Tax returns are interpreted differently by each mortgage lender.
  • Some lenders will add depreciation from the Schedule C back to income.
  • Some lenders will consider rental income as part of your income.
  • Others will only take 75% of your rental income as additional income.
  • Now with our Chicago Mortgage Loans For Self Employed Individuals deductions or tax returns will no longer matter.

Qualifying For Chicago Mortgage Loans For Self Employed Individuals

For those self employed folks who started a new business and had a stellar recent year but the previous year was not so hot look no further. We can help. We offer multiple Chicago Mortgage Loans For Self Employed Individuals:

  • We take average of 24 months deposits from bank statements.
  • Self employed individual with sizeable assets, we have another program where we take 4% of the liquid assets as income. 
  • For example, if a self employed individual has $500,000 worth of cash and stocks, we can use 4% of the $500,000, or $20,000 as additional income.

Again, I specialize in mortgage loans for self employed individuals and if you have any questions, please contact me at 262-716-8151 or email me at gcho@gustancho.com or you can visit us at www.gustancho.com.

Gustan Cho NMLS ID 873293
The information contained on Gustan Cho Associates website is for informational purposes only and is not an advertisement for products offered by The Gustan Cho Team @ Gustan Cho Associates or its affiliates. The views and opinions expressed herein are those of the author and/or guest writers of Gustan Cho Associates Mortgage & Real Estate Information Resource Center website and do not reflect the policy of Gustan Cho Associates Lenders Network, its officers, subsidiaries, parent, or affiliates.

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