Mortgages For Self Employed
Self Employed people usually have a tough time showing their true income because of business write – offs. One of the advantages of being self employed is the ability to reduce taxable income by using write-offs. This is a good thing for tax planning but when it comes to getting a self employed mortgage in California, the lender will base his decision on the income shown on your tax returns, so it not so good. This is where self employed people have a tough time getting a self employed mortgage.
Until the economic downturn, lending institutions would look at bank statements as evidence of actual income. When the crisis hit, this was one of the things that banks stopped doing. Until recently it was virtually impossible for self employed people to get a mortgage unless they showed enough qualifying income on their returns.
Banks are still not accepting bank statements as source for income verification, but many of the boutique lenders are. So if you are self employed and have been previously turned down for a home mortgage because you could not document sufficient income because the mortgage lender only looked at tax returns, it is time to try again.
Bank Statements Show REAL Income – We accept Bank Statements Instead of Tax Returns – Call Us (949) 313-7333
Mortgages For Self Employed And Bad Credit
If you are looking to getting a mortgage while self employed, we have many boutique lenders that we work with that do accept income based on bank statements for self employed borrowers. Give us a call at (949) 313-7333.
For more information on how to get a mortgage with bad credit please click here