Building equity and value—wealth over time
Are You Self Employed And
Can’t Obtain A Home Loan
Because Your Tax Returns Show
Too Many Losses?
We can help! Find out how!
Many self-employed applicants have the credit scores, assets and cash flow to service a mortgage debt, but due to certain factors cannot qualify for a mortgage. Self-employed individuals tend to write off all business expenses, including depletion, depreciation and self-employment taxes, resulting in taxable income that’s too low to qualify for a mortgage loan.
The Solution? A Bank Statement Loan. It’s simply a mortgage product that determines a borrower’s ability to pay by evaluating the amount of cash flowing through their bank statements. We’ll consider business bank statements, personal bank statements, or sometimes a combination of the two. If you’re self-employed and your spouse receives W-2s, we’ll do a hybrid qualification. We still wouldn’t need tax returns.
Your issue doesn’t have to be a lack of taxable income. Our self-employed clients have many reasons for seeking a mortgage product that requires no tax returns.
We typically need 2 years of self-employment, though occasionally, 1 year will do. Add up your deposits for the past 24 months and calculate the monthly average-then give us a call. Homeownership may just be within your reach!
And remember, owning your own home is part of the American Dream, and it comes with many benefits:
Freedom to renovate or modify your home as you please
Install green energy components to save costs and improve the environment.
Deduct interest from your mortgage payments
Enjoy the dignity and pride of home ownership
A private place for your children and pets to roam and play
Enjoy visitors as often and as long as you like
Your home is your castle where you’ll ultimately be in control of your family’s comfort, stability and security
To find out more about Sidwell’s Bank Statement Loans please complete the form below:
“As a businessperson I like having options. My previous lender could only offer me a cookie-cutter loan in which I needed the traditional pay stubs, W-2 forms, tax returns and so forth. My CPA suggested
that I try a more versatile lender and gave me Sidwell’s number. In my first conversation with Sidwell Mortgage I explained my situation and what I was seeking to accomplish. I wanted to know if there was any way for us to buy a home without using tax returns. They asked me a series of questions and in less than 10 minutes confirmed that they could fund a loan that met my needs. We found a home that weekend and were closed less than 30 days later. I found them to be thorough (very thorough), creative, strategic and efficient. Everything except for the closing was handled digitally and the closing officer came to my office to execute the final documents in accordance with my schedule. This firm gets it. They understand the importance of time and performance. I highly recommend them.”-Kiet N.