Getting a mortgage when you’re a business owner can be tough.
But it shouldn’t be impossible.
A bank statement loan might be your best solution if you’re a business owner looking to buy or refinance a home.
When you’re self-employed you do your best to take full advantage of the tax write-offs you’re entitled to. One of the only times those significant write-offs becomes an issue is when you’re looking to finance a home.
Most lenders will take a look at your tax returns and tell you that you don’t qualify for a mortgage because you just don’t show enough income on your tax returns.
There is a better way.
When getting approved for a portfolio loan you have an opportunity to get evaluated from a common sense standpoint. Your bank statements are collected from a 12-24 time period and deposits are added and averaged. Also you’ll need a 12 month profit and loss statement.
Bank Statement Loan Highlights
20% down minimum
680 credit score minimum
Available on primary residence, 2nd home, and investment property.
Interest only option available
12-24 month bank statements are required. Will consider business bank statements on a case-by-case basis.
12 month profit and loss statement prepared by CPA or tax professional is needed.
Available on purchase and refinance.
Must be at least 3 years from major credit issue (bankruptcy, foreclosure, short-sale, etc.)
Each scenario is evaluated individually. There is no cookie cutter circumstance.
I invite you to reach out to me directly to learn more.
It would be a privilege to connect and find a way to accomplish your goals.