Self Employed?
We all dream of having our own company where we can call the shots, and work at our own pace. For the self-employed, this is true. It is also true to say that the self-employed have great difficulty borrowing money. This difficulty is due mostly to the fact that tax returns of a self-employed applicant rarely show sufficient income to handle the loan payments. In fact, most self employed borrowers that we work with show a loss on their tax returns. You see, to use income from your tax returns, we must average your last 2 years tax returns using your net income (listed on Schedule C of the 1040 Return)
To help the self-employed, we offer programs that get around typical income verification methods. As you can see below Money Lenders offer several variations of "NO INCOME VERIFICATION" programs.
We currently offer several variation of No Income Loan Programs:
NO DOC® - This program requires the least amount of documentation of all our programs. We ask you about your property and any other assets, if you have any, and that is it! No employment questions whatsoever!
NO RATIO - We do not ask your current or past monthly income, but we do verify that you are gainfully employed. Since we do not put your income on the application, no debt-to-income ratios are calculated. This program works for normal salaried applicants as well.
STATED INCOME - We ask you to estimate your current monthly income, but we do not verify anything. No tax returns! All we need to do is prove self-employment through business license and or a letter from you CPA or accountant.
LIMITED INCOME - Again, we must prove self-employment, but not tax returns are required. We derive your monthly income from your last 6-24 months of bank statements. We look at monthly deposits as well as average monthly balances.
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