Since the mortgage crisis of 2008, many self-employed borrowers have faced obstacles and challenges on getting financed for a mortgage. Why? Based on current guidelines set forth by Fannie Mae & Freddie Mac, tax returns must be provided and only the net income can be used for qualification purposes.
Most self-employed borrowers try to write off as many business expenses as possible to reduce their tax liability. This can actually hurt them when trying to get pre-approved to purchase a home. So what is the solution to assist these borrowers at owning a home?
Our partners at Palmetto First Mortgage now offer a Bank Statement program for self-employed borrowers! This program allows us to review the most recent 24-month personal bank statements and average the deposits over 24-months. No tax returns or tax transcripts are required! See below how this program can assist a self employed home buyer!
• Credit Scores Starting at 540
• 1 day out of Short Sale, Foreclosure, or Bankruptcy
• 30-Year Fixed
• Owner Occupied, Second Home, Investment
• SFR, TH, Condos, Non-Warrantable Condos
• Up to 80% LTV
• Up to 50% DTI
• Loans up to $1,000,000
• No Tax Returns Required
• Seller Can Pay Up to 6% Closing Costs
• No Prepayment Penalty (Excluding Investment)
If you're self-employed and want to buy a home in Myrtle Beach, contact us today for more information and let us get you into a great new home!