SELF-EMPLOYED, BUYING A HOME, NO W-2, NO PROBLEM
Yes, you read that title right.
- You are self-employed
- You want to buy a home
- You have no W-2
- Seriously, no problem
You might have been asking yourself how do I, as a self-employed borrower, qualify for a mortgage loan? Let me explain the answer to you and you will see it makes perfect sense.
Back in 2008 and continuing through to 2011 there was a mortgage meltdown that contributed to dramatic changes to underwriting guidelines. As a result the no document loans or no income verification loans have disappeared. As a former CPA I have always felt it was my duty to take advantage of all the available deductions to lower my self-employed client’s income. This makes the self-employed borrower the perfect candidate for the no income verification loan because obviously they have an income, it was just not showing on the bottom line of their tax returns.
Who benefits from a bank statement loan? You do, the self-employed borrower. That house you were looking at and wondering just how you could get financed, well let’s talk about that.
After the mortgage meltdown caused changes to be made, we knew we needed to offer an alternative for people who were unable to verify their income and a bank statement loan is the answer.
It is a very simple process. We verify your income with deposits shown on your business bank statements rather than paystubs or tax returns.
We both know you have an income. Your tax return could be used but as I stated above your tax return shows your net income rather than your actual income.
A bank statement loan can change all that and enable the self-employed borrower to show the regular receipt of income.
Here is a list of Van Dyk requirements for a bank statement loan:
- Use 12-month bank statements or asset depletion to qualify
- No tax transcripts, tax returns, W-2’s or paystubs required
- Debt Ratios up to 50%
- 620 minimum Fico score
- Available in 30 yr. fixed, 5/1 – 7/1 & 10/1 ARMs
- Loan amounts up to $3m
At the end of the day you can call me the answer man, because I can answer all your questions about this type of loan. This is how you can reach me, just give me a call: 813-361-6350.