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.