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Self Employed Borrower Success Story
Over my entire career in the mortgage field, self-employed borrowers always stand out as the more challenging opportunities. The self-employed borrower often finds themselves in a tug of war between their accountant’s guidance and the demands of the mortgage underwriter as it relates to qualifying income for a mortgage loan. The accountant presses the deductions and works to minimize your taxable income with fancy terms such as “accrual basis” and the loan underwriter often demands pretty much the opposite. At the end of the day, the self-employed borrower c...
November 9th, 2018 | Non QM, self-employed borrower, QM, Specialized Forward Mortgages, bank statement loan, mortgage, Mortgage Loan Process, Self Employed Borrower Success Story
Self-Employed Workers Face Mortgage Hurdles - WSJ Article
It is true that the Self Employed borrower normally hits a wall when it comes to qualifying for a mortgage when asked for their Federal tax returns. The process by which your accountant works their magic is the often the exact opposite of what the lenders want to see with regards to income. After a long exercise of averaging income in conjunction with preparing a year to date profit and loss and reviewing allowable add backs the self-employed borrower usually gets stuck not qualifying. The borrowers run businesses and earn income but they just are unable to satisfy the lender requirements for ...
April 19th, 2018 | self-employed borrower, bank statement loan, Mortgage Loan Process, Traditional Mortgage, Self-Employed Workers Face Mortgage Hurdles - WSJ Article
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