What options are there for loans in TX for self-employed with 4yrs of $15K/mo+ salary using bank statements with credit of 740+?
I am self-employed, and for tax purposes, write everything I can off, as allowed of course and fully legal, plus have loses from an old business I was a partner in that flow to my tax return, so on a tax return I look horrible, but I personally pull in $14K or more per month, and have for over 4 years. I also have a credit score now at 738 and should go up dramatically in a few weeks with 2 items being removed. I have been paying $2600 before taxes and insurance for 8 years as well. Help! (Texan selling his house in need of a new one and scared I'm going to turn into a serial renter) by ccole_273_258 from Dallas, Texas. Mar 15th 2013
Henry Daniels (HenryJDanielsNationalMortgage)
#11 ranked lender in Texas - 145 contributions
Hi CCole, This is a great question. Since the meltdown Stated income loans for self employed individuals has virtually been eliminated. The formula that is generally used is past two years Adjusted Gross Income off of your tax returns PLUS Depreciation then divided by 24 months will give you what income you can use for qualifying for a mortgage. Once you have that number we can see what amount you can qualify for. I'd be happy to discuss you situation in detail and see how much home you can qualify for. Feel Free to Call our office. Henry J Daniels Senior Mortgage Banker
Jason Robinson (CFIsupport)
#56 ranked lender in Georgia - 106 contributions
"Tax purposes"="Qualifying purposes". Once you pay taxes on the income you earn, you'll be qualified for a mortgage. Usually 2 years of positive earnings and Profit and loss is all you'll need to qualify, along with what you have.
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