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Chicago Mortgage Loans For Self-Employed Individuals

Gustan Cho Associates
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Chicago Mortgage Loans For Self-Employed Individuals

This BLOG On Chicago Mortgage Loans For Self Employed Individuals Was UPDATED On June 13th, 2019

Chicago Mortgage Loans For Self-Employed Individuals
Gustan Cho Associates

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?

What's The Scoop On Chicago Mortgage Loans If You're Self-Employed?
Gustan Cho Associates

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

Chicago Mortgage Loans For Self-Employed Individuals With Bank Statement Mortgage Loan Programs
Gustan Cho Associates

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

Lenders Specializing In Mortgage Loans For Self-Employed
Gustan Cho Associates

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

Qualifying For Chicago Mortgage Loans For Self Employed Individuals
Gustan Cho Associates

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 gcho@gustancho.com or you can visit us atwww.gustancho.com.

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