Bank Statement Loans For Self Employed Borrowers in California is an alternative many future home owners do not know about. As a matter of fact, many self employed individuals bring in sufficient cash flow each month and pay themselves each month. After all business deductions are taken out on the tax return, it appears the borrower does not have sufficient income. This makes the borrower’s income appear low. Alternatively, this makes it next to impossible for a borrower to qualify for a home loan.
A borrower needs to be able to pay the mortgage including principal, interest, taxes, and insurance. Additionally, the borrower must have enough left over to pay their other monthly obligations. Lenders use a formula known as debt-to-income ratio. This ratio is used to determine if a borrower has enough income to qualify to buy the home that he or she wants to purchase. For self-employed borrowers a lender will look at the adjusted gross income on the federal income tax return for the last two years. Consequently, if the borrower took a lot of deductions, the income will be too low to qualify for a home loan.
Is your low income shown on your tax return the result of claiming maximum deductions for your business? Do you have sufficient bank deposits into your bank account? Do you have money for a downpayment? If you can answer yes to any of these questions then you ARE a candidate for a mortgage loan using the bank statement program. If you have been denied a home loan as a self-employed borrower there is an option for you.
With a 12 month or 24 month bank statement program you can possibly qualify for a home loan based on 12-24 months of bank statements. The approval process is very streamlined. The first step is to talk to a qualified mortgage loan professional today to see how you can get qualified for a home loan using the bank statement program.
Arlene Disessa is an experienced loan officer in California. She specializes in helping individuals with credit challenges get qualified for home loans in California. Some of these challenges include low credit scores, prior bankruptcies, and high-debt-to-income ratios. Arlene Disessa is well-versed with financial scenarios She holds an MBA and a Masters Degree in Accounting. Arlene places an emphasis on superior customer service. Her utmost goal is to navigate her clients smoothly through the loan process. Call Arlene Disessa 7 days a week at 530.813.0661 or email at firstname.lastname@example.org.