ALABAMA SELF EMPLOYED MORTGAGE- WITH NO TAX RETURNS NEEDED!

ALABAMA SELF EMPLOYED MORTGAGE LENDERS + NO TAX RETURNS NEEDED!

  • 2 Years Self Employed Required!
  • Bank statement deposits used to qualify!
  • No tax returns required
  • 12 months personal bank statements or 12 months Business Statements used for income
  • Loans up to $3 million
  • Credit scores down to 600
  • Rates starting in the 5-6% range.
  • Up to 90% Loan to Value!
  • DTI up to 50% Debt To Income Ratio
  • Owner-occupied, 2nd homes, and investment properties
  • 2 years seasoning for foreclosure, short sale, BK, DIL
  • Non-warrantable condos considered
  • Jumbo loans down to 640 score
  • 5/1 ARM or 30-year fixed
  • No pre-payment penalty for owner-occ and 2nd homes
  • SFRs, townhomes, condos, 2-4 units
  • Seller concessions to 6% (2% for investment)

Self-employed ALABAMA Business Owner? And having trouble getting approved for an ALABAMA mortgage?

NO TAX RETURN ALABAMA  CASH -OUT MORTGAGE LENDERS:

Let’s start by taking a look at how the secondary market including government-backed lenders Fannie Mae and Freddie Mac approach the process. Fannie Mae’s list of income requirements includes analyzing multiple factors. These include your income stability, your ALABAMA business type and location, the demand for your services, and projected future business income. They generally require two years of earning history owning the ALABAMA business, though they sometimes make exceptions. Freddie Mac’s income qualifying requirements are similar. And they may also include an analysis of your experience in the business, asset verification, and third-party proof that the business exists.Lending Requirements

Debt-to-Income Ratio The most important factor in your qualification is your debt-to-income ratio. This can make it harder to get a mortgage if you’re self-employed. Why? Because you likely take several tax deductions, which reduces your overall taxable qualifying  income. This makes it seem as if your earnings are much lower than what you actually bring home. In turn, it reduces the loan amount you qualify for. There is a way around this. You can claim fewer deductions in the two years leading up to your home purchase. The result is a higher net income, making your application more attractive to lenders. It’s a good idea to speak to your accountant about the benefits and drawbacks of this approach in your situation. Just remember that your debt-to-income ratio can be no higher than about 40% in order to receive approval.

BANK STATEMENT DEPOSITS USED TO CALCULATE INCOME:

  • MAXIMUM INCOME USED FOR PERSONAL BANK STATEMENTS – A self-employed borrower’s income is calculated by averaging 100% of personal bank statement related deposits from their most recent 12 months of personal bank statements. If your statements show low deposits for two or three months, then a large deposit the following month, the underwriter may request an additional 12 months to confirm your monthly income normally fluctuates. ALABAMA SELF EMPLOYEDBank Statement Only Lenders Approvals varies Case By Case from lender to lender.
  • MAXIMUM INCOME USED FOR BUSINESS BANK STATEMENTS – For business bank statements only lenders will allow as much as 90% of the job-related deposits can be used for income qualifying, not 100%. ALABAMA self-employed Bank Statement Only Lenders Approvals varies Case By Case from lender to lender.

The maximum “Debt to Income”(DTI) ratio is 55%. Self-employed borrowers with a lower debt to income ratio may receive better a better rate & pricing. ALABAMA self-employed Bank Statement Only Lenders Approvals varies Case By Case from lender to lender.

MINIMUM BANK STATEMENT ONLY CREDIT SCORE NEEDED

600 or higher middle FICO scores. As much as 80% financing depending on appraised value

Bank statement only lenders require a credit Score of 640-679 are acceptable at lower LTV up to 85% and slightly higher interest rates occur with low down payment options.

Refinance with cash back: 680+ credit = 75% financing;

REQUIRED SELF EMPLOYMENT DOCUMENTATION

All self-employed mortgage lenders are required to prove stability in the line of employment by providing a copy of their business license or “Articles of Incorporation” showing they have been self-employed in the most recent (2) two years OR have a licensed CPA or enrolled IRS agent draft a letter confirming the same. ALABAMA self-employed Mortgage Lenders using Bank Statement Only varies Case By Case from lender to lender.

BANK STATEMENT ONLY REQUIRES MONTHLY RESERVES = MONIES IN ACCOUNT AFTER CLOSING REQUIRED BY ALABAMA SELF EMPLOYEDMORTGAGE LENDERS-

Case By Case 1 -12 months of P.I.T.I future payments required in the account at closing.

If the loan amount is over $1 million, then 12 months. IF over $2M, then 18 months. Bank Statement Only Approvals varies Case By Case from lender to lender.

ACCEPTABLE BANK STATEMENT ONLY LENDERS LENDER ON PROPERTIES THAT INCLUDE: Condos, Townhomes, single family homes, condotel, duplex, triplex or four-plex all qualify on various programs. Property can be as a primary residence, second home, or rental property. ALABAMA self-employed Bank Statement Only Lenders Approvals varies Case By Case from lender to lender.

BANK STATEMENT ONLY LENDERS TERMS INCLUDE – This self-employed loan type is offered on a 30 year fixed-rate or adjustable-rate mortgages with 5, 7, or 30 years fixed terms then it becomes adjustable. ALABAMA SELF EMPLOYED Bank Statement Only Lenders Approvals varies Case By Case from lender to lender.

  • 2 Years Self Employed Required!
  • Bank statement deposits used to qualify!
  • No tax returns required.
  • 24 months personal bank statements (Personal and Business)
  • Loans up to $2 million.
  • Credit scores down to 500.
  • Rates starting in the 5’s.
  • Up to 85% LTV.
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