How the self-employed get mortgages

“There are two main problems that self-employed borrowers face when qualifying for a mortgage,” says Cory Martilla, corporate sales manager of Supreme Lending in Dallas.  “First, they need to prove their income with tax returns rather than using a ‘stated income’ loan.  Second, the recession has caused declining income for many self-employed people.  Even if their income has stabilized, the loan will be based on the average of two years of tax returns, which could show reduced income.” ….read more

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