This BLOG On Chicago Mortgage Loans For Self Employed Individuals Was UPDATED On June 13th, 2019
Many folks in the Chicago Area are business owners and/or self-employed.
- If you are one of the many self-employed borrowers who had a hard time qualifying for a mortgage loan over the years, you are in luck
- The great news is Gustan Cho Associates at Loan Cabin Inc. now offers Bank Statement Loans for Self-Employed Borrowers and Non-QM Loans
- There is no private mortgage insurance required
- There are no maximum loan limits
In this blog, we will discuss the basics of our bank statement mortgage program for self-employed borrowers.
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 many deductions as possible is one of the many advantages of being self-employed
- This is 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 12 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 is calculated with deposits.
- A lender will go off what the self-employed worker has filed for income on their tax returns
- Lenders require two-years of 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 is averaged
- If the latter year income is less than the previous year’s income of the tax return, the 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
- Income tax returns are not required with bank statement loans for self-employed borrowers
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 an average of 12 months deposits from bank statements
- A 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 us at Gustan Cho Associates at 262-716-8151 or text us for faster response. Or email me at email@example.com or you can visit us atwww.gustancho.com.