SELF-EMPLOYED

Business owners, independent contractors, and entrepreneurs often have legitimate income that doesn't fit traditional mortgage guidelines.

Maybe your accountant has done an excellent job minimizing your taxable income. Maybe you receive 1099 income instead of a W-2. Or perhaps you have substantial assets but limited income showing on your tax returns.

That doesn't automatically mean you can't qualify for a mortgage.

Depending on your financial circumstances, alternative mortgage options may allow:

• Bank statement qualification: Use eligible personal or business bank deposits to evaluate income instead of relying solely on tax returns.
• No tax returns required: Certain programs may qualify borrowers without traditional tax-return documentation.
• 1099 income: Qualify using eligible independent contractor income.
• Profit and loss statements: Some programs accept professionally prepared financial statements.
• Asset-based qualification: Substantial eligible savings and investments may help demonstrate your ability to repay.
• Flexible credit guidelines: Some programs accommodate borrowers who don't meet conventional mortgage requirements.

A self-employed couple wanted to purchase a home, but their tax deductions made their qualifying income look too low.

Instead of relying solely on their tax returns, we explored financing based on their business deposits.

The result? They purchased their home.

With 23 years of mortgage experience, I know that the first set of numbers doesn't always tell the whole story.

If your bank has told you that you don't qualify because of how your income is documented, let's explore your options.

Vickie Bouffard

1st American Residential Lending, LLC

602-922-3501

All financing is subject to credit, income or asset verification, underwriting, and program eligibility. Alternative documentation does not mean guaranteed approval or no ability-to-repay evaluation.