Mortgage Loan For Self Employed Home Buyer In Illinois
This BLOG On Mortgage Loan For Self Employed Home Buyer In Illinois Was Updated On May 27, 2017
NON-QM Loans such as bank statement Mortgage Loan For Self Employed Home Buyer In Illinois is back. Self employed borrowers had a very hard time getting qualified for home loans after the subprime crisis of 2008 due to the restructuring of the mortgage industry.
- The American dream is to own your own business.
- The true American dream is to be both a business owner and be a homeowner.
- Many successful business owners had a difficult time obtaining a home loan until now due to making it difficult for lenders to approve mortgage loan for self employed home buyer.
- However, many business owners who had a difficult time obtaining mortgage loan for self employed home buyer can now qualify for mortgage loan for self employed home buyer with our new Bank Statement Mortgage Loan Program at The Gustan Cho Team.
- Until now, getting qualified for mortgage loan for self employed home buyer was difficult for most business owners claiming writeoffs on business and personal tax returns where they reflect little to no positive income.
- Writing off expenses is a great tool for business owners but until now was a great obstacle in getting qualified for home loans.
- Business write offs saves the business owner thousands of dollars but until now, business owners had to pay the price when it comes to qualifying for a residential mortgage loan.
How Lenders Underwrite Mortgage Loan For Self Employed Home Buyer
Mortgage lenders care about two things when it comes to granting a mortgage loan approval for a home buyer.
- First factor lenders will look at when underwriting a home loan is the borrower’s credit and credit scores.
- Second factor and more important than credit is the borrower’s qualified monthly income.
- There are minimum down payment requirements.
- In general, lenders will thoroughly review income history for the past two years via W-2s, tax returns, and most recent paycheck stubs.
- The days of stated income or no doc loans were dormant after the 2008 Real Estate and Credit Meltdown but is now back in full swing.
- Home buyers who were either hourly wagers or are a salaried employee, they no problem verifying gross income.
- However, business owners an self employed individuals had difficult time obtaining a mortgage loan due to lenders going off adjusted gross income on their tax returns.
- Most self employed individuals write off as much as they legally can write off on their tax returns so they can minimize their gross income.
- This was always a problem when underwriting a mortgage loan for self employed home buyer.
- Again, Bank Statement Mortgage Loan Programs are back and we now offer Mortgage Loan For Self Employed Home Buyer.
12 Month And 24 Month Bank Statement Mortgage Loan Programs For Self Employed Home Buyers
The issue before the emergence of the bank statement mortgage loan programs was that mortgage lenders only went by the business owner borrower’s tax returns and every lender interprets tax returns differently.
- Some mortgage lenders will allow certain deductions to be added back on to income for mortgage qualification purposes.
- For real estate investors, depreciation can be added back on to income as well as other real estate deductions.
- With our bank statement mortgage loan program, we go off the deposits each month on bank statements.
- We like to see 24 months bank statements but we also have 12 months bank statement mortgage loan programs.
- Down payment on a home purchase with our bank statement mortgage loan programs require 15% down payment on a home purchase.
- There is no loan limit with our bank statement mortgage loans.
Home Buyers who are interested in knowing more about our Mortgage Loan For Self Employed Home Buyer, please contact Gustan Cho at 800-900-8569 or text Gustan at 262-716-8151 for faster response or email us at firstname.lastname@example.org.