When Banks Say No.... We Say Yes.

No Tax Return Required Mortgages are for borrowers that are self employed or 1099.  

BANK STATEMENT MORTGAGES

One of the biggest issues for people who are self-employed or 1099'd is proving their income so they can qualify for a mortgage.  One option is a Bank Statement Mortgage.   A Bank Statement Mortgage allows eligible self-employed and 1099'd borrowers to use a percentage of the deposits on their personal or business bank statements to establish income instead of tax returns.

We average the deposits in your personal or business bank accounts over a 12 or 24 month period.   Then we apply a business expense factor to that depending on what type of business you are in.  If you are working at home with no employees, more of the deposits are considered personal income then if you have a work van and employees. 

Once your monthly income is determined, we can figure out how much mortgage you qualify for.

Program parameters:  

*  Loans up to $3,000,000
*  Minimum FICO 620
*  Min. Down 15%
*  No Mortgage Insurance
*  Available on primary, secondary and investment purchases
*  As little as 6 months reserves are required

Call 801-792-1257 Today to get your no obligation quote

ASSET UTILIZATION MORTGAGES

Another type of No Tax Return Required Mortgage is the Asset Utilization Mortgage.  With this mortgage, the borrower presents proof of cash assets.  The lender then determines the maximum  loan amount based on the amount of cash assets the borrower has available to them.   

This type of loan is commonly used by people who withdraw from their assets as needed for living expenses and don't have fixed withdrawal plans set up which would document that income and that the income would continue for at least 3 years.   So it appears to a lender that they don't have a steady source of income.

Another group of people that frequently use this loan are self employed business owners with large savings but low income on their tax returns and recently retired individuals.  

Types of Assets That Can be Utilized:

• Checking, Savings, Certificates of Deposit
• Stocks, Bonds, Mutual Funds
• 401(k), IRA, Keogh
• Whole-Life Insurance Policy with Cash Value

Call 801-792-1257 Today to get your no obligation quote.