David Marzinke of Movement Mortgage is here to explain a great program for self-employed borrowers.
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Self-employed borrowers take a lot of deductions on tax returns to reduce their exposure come tax time, which is right around the corner.
So, instead of using their tax returns to come up with their qualifying income, David Marzinke and the Movement Mortgage team uses their net income to determine how much home self-employed borrowers can buy. They can look at either the borrower’s business or personal bank statements, depending on how they structure things, to come up with qualifying income based on those deposits.
Self-employed borrowers can increase their purchasing power.
This increases the self-employed borrower’s purchasing power, as they’ll be able to show their full deposits and present more income. There are some limitations, however: The self-employed borrower has to have been in business for at least two years, and they need to own at least 50% of that business.
As always, call, text, or email if you have questions about this or any other real estate or lending question. We’re here to help and would love to hear from you.