We have a great guest post from one of our favorite lenders, Matt Hawkins, about a great self-employed mortgage option.
Are you self-employed with a great CPA that limits your taxable income but you want to buy a primary residence or investment property(s)? Use your personal or business bank statements to get qualified, not your tax returns!!
Self-employment has a lot of perks and seems to be growing tenfold right her in ‘Nashvegas’. Trading the long commutes, cubicles and endless meetings for a more flexible, location independent lifestyle can feel like a major upgrade. It’s been reported that half to two-thirds of Millennials find the idea of entrepreneurship very attractive. And can we blame them? They’ve witnessed their parents’ job instability, decreasing company loyalty, and the lingering wounds of The Great Recession back in 2008. Working for yourself seems like a no-brainer when considering those bleak realities. But self-employment isn’t always so simple.
Despite the many benefits, self-employed (1099) workers often struggle to secure a mortgage due to strict regulations, more tax deductions to reduce taxes owed, higher debt-to-income ratios, and lower credit scores. Couple all of that with increased scrutiny from Fannie Mae, Freddie Mac, FHA, otherwise known as conventional and government loans. We’re here to shed a ray of hope for those that want to get out of the grips of their landlord, or perhaps become a real estate investor.
If you’ve been self-employed for two years, you can purchase a home with as little as 5% down just using bank statements only. For FICO scores of 680 or above, only 12 months are required. Below 680, we’ll need 24 months. Simple as that. Please call Matt Hawkins (NMLS 179933)-615.400.0174 @ Accurate Mortgage (4664) email, mhawkins@accuratemtg.com , or apply online @www.accuratemtg.com/mhawkins
And call us when you are ready to start looking at 615-972-6220!
xoxo,
Sammi Hoffman
Nashville on the Market Real Estate
