HOW SELF EMPLOYED BORROWERS
CAN QUALIFY FOR A MORTGAGE
Most of the home buyers these days are familiar with the conventional way to qualify for the mortgage. You need to show the source of the money for the down payment, have sufficient income to qualify from the reliable sources like employment, and to have decent credit score and a minimum amount of debts. However, what if you are self employed and do not report your income conventional way?
To accomplish this type of the borrowers, lenders come up with alternative programs, where income is calculated from the alternative sources, like 12- or 24-month bank statement, or only P&L (Profit and Loss) for one year, or only Form 1099. All of these options are offered by the variety of mortgage banks where each has their own nuances for the underwriting.
We recently had a presentation at our office delivered by one of the banks. Their representative didn’t want to be recorded, so I will share with you some of the details by myself on my YouTube channel.
Manny Kagan,
President,
Pacific Bay Financial Corporation
(415) 225-7920; || mannykagan@comcast.net
NMLS #205637
DRE #00824602