Which lenders in Southern California do loans for self employed if I don’t have 1-2 yr work history and low taxes. But my bank statements is bringing in 6.5-8k/mo
Hi @Robert Chang ! I can help with that. The options are definitely better if you have the 1-2 years, but there are some non-QM options with bank statement programs. The rates just aren't as good, because it's Fannie Mae that is setting the guidelines for self-employment history.
Give me a call to chat about some details and options!
@Robert Chang ..there are bank statement loan programs, but most lenders still require you to have a history of self-employment if you're going that route. Your situation as a whole might need to be looked, but if you have good down payment, reserves and credit, stated income is also an option (yes this exists). You need to be aware also on a bank stmt program they will take into account an expense factor, which is basically accounting for operating expenses of a business/self-employment.