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
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