The borrower is required to have a 2-year employment history, although only the most recent year of income tax returns is reviewed for qualification purposes.
Although they may afford a significantly larger monthly mortgage payment, self-employed borrowers and 1099-employee borrowers who write off a lot and do not claim enough income to qualify for a loan are a common problem for mortgage lenders. Therefore, we have implemented the program to file only an annual income tax return. If you have any questions about this program, one of our loan officers would be happy to answer them when you call our office.
If the technique for verifying income with a single year of tax returns doesn’t work out, we also provide a procedure based solely on a customer’s bank statements. Try looking inward.
Some advantages of the annual income program are outlined below.
- Borrow between $200,000 and $3,000,000.
- Freelancers with commission-based income can file a simplified tax return after just one year of self-employment.
- Gifts from close relatives are allowed, but only under certain conditions.
- The money from the sale can be put toward the necessary reserves.
- Access granted to non-native speakers
- No seasoning requirement, even for cash-out refinancing
- Permitted Room Types
For additional information about this offer, please speak with one of our loan specialists.
Call Steven Jackson at 813-616-9411 now!
