At W & J Financial Group Inc we understand that when self-employed it’s tougher, especially with banks, to qualify. There are so many scenarios that common sense just does not prevail when bank Underwriters are reviewing complex tax structure. At W & J Financial Group we coach and have tools and programs that focus just on this segment of the mortgage process.
While self-employed borrowers are held to the same lending standards as W-2 workers, the mortgage process itself can be more challenging. Banks will need to consider the stability and viability of your business along with your income, since revenue can fluctuate. And the paperwork for self-employed borrowers can be a never-ending collection process.
At W & J Financial Group not only do we ensure the process is seamless, but we have access to programs that few other Banks offer. And we have almost no loan limit restrictions with loans all the way to $30 Million.
Below are a few examples:
Bank Statement Loans – These programs ask that you provide 12-24 months of your business and or personal bank statements. They want to see steady deposits (income) flowing into your bank accounts. This will be the basis for how you will be approved for the self employed mortgage. No tax returns will be required.
One Year Tax Return – The one year tax return mortgage is also for our self employed borrowers. This program will help those who may have only been in business for 1 year and can qualify by providing just one year of fully documented income on their tax returns.
An asset-based loan or asset utilization loan uses assets as income. Whether you are a retiree with a small fixed income, a new business or an established company that needs to maintain a high cash flow, the ease and benefits of asset-based loans and mortgages have made them a popular solution for our self employed clients.