Mortgage for self-employed.
July 23, 2017 | Posted by: Alex Vinarski
We have new lending program that use income from deposits to Business Bank account, not net income from tax return.
Program can be used for purchase or refincing.
-Recent NOA to show no taxes owing
-Confirmation of 2+ years Business For Self (business license, registration, articles of incorporation, etc)
-12 months business bank statements. We add up the deposits over the last 12 months and use a percentage of it as qualifying income (max 75% can be used).
Rates around 3.5%-4%, no fee for clients with decent credit, minimum down payment 20%.
This program also works for rental properties with slightly higher rate 4.25%-4.5%, and down payment 25% minimum.