Why should i apply for a bank statement only loan instead of a conventional mortgage if i'm self employed?

SELF EMPLOYED MORTGAGE LENDERS QUESTIONS AND ANSWERSCategory: Bank StatementsWhy should i apply for a bank statement only loan instead of a conventional mortgage if i'm self employed?
Thomas Martin Staff asked 3 years ago

Self-employed borrowers often write off as much income as possible to avoid paying taxes. In order to qualify for conventional mortgage banks require borrowers to averages 2 years adjusted gross income after expenses. Most business owners maximize their expenses to the point where this is not enough money to qualify for a mortgage. Most savvy business owners see the advantage of paying a slightly higher tax deductible interest rate instead claiming all of their income for 2 full years in a row to qualify for a conventional bank loan. 

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