Self employed business owners have a lot of write offs. So much so that tax returns a solid majority of the time will not allow them to qualify for a loan, even though they've got plenty of money in the bank. If this is you, don't worry, there is a bank statement program we can help with here. Bank statements don't show income you say? In that case, you need a true no income verification loan. But does that even exist anymore? Weren't they a staple of the housing bubble era? The good news is there are some private equity firms that still can get it done. Here's what you're going to need:
* 650 FICO score
* 25% equity or down payment
* Business license or letter from accountant showing two years self employment
* Investment properties only
* 620 FICO okay with 50% equity
* BK: Okay 1 day after discharge
Hope that helps. Feel free to contact me if you have any questions at 949.667.2887 or firstname.lastname@example.org.
- Brian Nguyen is a senior loan consultant (NMLS 659743) who learned more about this stuff than he ever intended to. The opinions expressed here are solely his own.
We just sent you an email. Please click the link in the email to confirm your subscription!