How To Use Bank Statement Income To Get A Mortgage…

I run into alot of self employed people that “maximize their deductions” on their tax returns.

They make money, but they don’t show alot of income on their tax returns due to their deductions.

They may have great credit, but they can’t get a mortgage because they don’t show enough income.

We have bank statement loans now for people in this catagory. Your bank deposits over two years become your monthly income. The underwriter will want to see the deposits are from business related income.

We have rates in the 5’s right now for people with credit scores of 680 and up. This would require 20% down.

If you are in this category and need a mortgage shoot me an email or give me a call and I’ll see if we can help you out.

That’s it for today!

Have a good day today! …and thanks for reading.

Brett

Get Pre Approved For A Loan Here.

My Previous Blog Posts

Two Recent Changes To Fannie Mae That Might Help You…

Remember, two pretty big changes recently happened with Fannie Mae…

Before July 29th it was very difficult to get an approval with a debt to income ratio over 45%. Now, Fannie will allow up to 50% debt to income ratio.

The guidelines will ask for only one year of tax returns for self employed borrowers, instead of two years (previous guideline).

If you think either of these guidelines would help you, or you have questions about them – give me a call or shoot me an email.

That’s it for today!

Have a good day today! …and thanks for reading.

Brett

Get Pre Approved For A Loan Here.

My Previous Blog Posts

Big Changes From Fannie Mae At End Of July…

Starting July 29th there are some changes coming down for Fannie Mae.

All of these listed below are GOOD news! …More people will become eligible for loans.

* DU will allow up to 50% DTI without requiring any compensating factors
* If you get an approved/Eligible with disputed trade lines more often than not the disputed tradelines will not have to be addressed
* More Self Employed borrowers will be eligible for 1 year tax returns
* Tax Liens/Judgments will not show up on credit reports anymore
* Cash-out to pay off student loans will be treated as Rate/Term. No Cash out hit.
* Timeshares are always treated as installment loans.

That’s it for today!

Have a good day today! …and thanks for reading.

Brett

Get Pre Approved For A Loan Here.

My Previous Blog Posts