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If you are 1 year in business - You are Approved with below Scenario

Writer: Sameer NagpalSameer Nagpal
Feb 8, 20211 min read

Updated: Nov 16, 2022

  • The client is a Business Owner or a Taxi Driver with 1-year experience

  • Has a 20% down payment cash or coming from the sale of existing home

  • Credit score was 650

  • The client’s bank declined the deal due to less than 2 years Business-For-Self

What documentation would be required?

  • Evidence of business, incorporation, articles...

  • The client provided his Business License

  • Income Documentation - The gross income on the Self-Declared Letter

  • 6 months bank statement and deposits in the client’s business account

You will qualify under the below criteria:

  • The income and expenses outlined in the Self-Declared Letter

  • Net income will be used to qualify the deal

  • Our allowable GDS/TDS is 48%/48% with a maximum 30-year amortization

  • Approved 80% LTV

Don't miss the opportunity to own your home.


Call me for a more detailed understanding, I am here to help

Sameer Nagpal

778.863.0009






 
 
 

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