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I am a business owner trying to purchase a home. I have been turned down by several banks due to not being able to" prove enough income" with the new laws in place. I make great money, and feeling very discouraged. I have two properties that I will sell and also have money down. I have excellent credit and have never missed any mortgage payments. I am looking for any options out there that can help out a business owner like myself. 
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May 14 - US
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Answers (5)

I've heard of stated-income loans coming in and out of the market recently.  Can't say I know of one now.  If you do have enough assets to try to do an asset-depletion loan, none that I know of require you to set up withdrawals or touch your money whatsoever. 

The lender just calculates an "income" based on the amount of assets you have and uses that amount as income for qualifying purposes. 
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May 14
The whole reason stated income loans were created was for folks like yourself who are self employed and take advantage of the tax laws, and as a result, show little income.. unfortunately, this program was abused and is now illegal.  The Financial Reform Bill HR4173 signed into law by President Obama on 8/1/10 outlaws stated income and no doc loans.  There are hard money lenders out there that interpret the rules of HR4173 differently than a conventional lending institution.. but these lenders are very expensive.. high down payment requirements, high lender costs, and high interest rates, but they do offer a path to financing.  The better way to go would be to use conventional financing and a strategy called "asset depletion" .  Lets say you have $1M in the bank, and you need $10,000 per month to qualify for the loan.  So long as you funds are professionally managed, and you set up regular monthly withdrawals of $10K, then you can use that income for qualifying purposes.. you must have enough money to last 36 months to be able to use it for qualifying.  If you would like to know more about this program, feel free to reach out to me via my profile.  William J. Acres, Arizona Mortgage Expert.
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May 14
Like Brian said, the stated income program might be a great fit for you and your situation. Contacting a local, reputable lender and finding out more about that program would be my first step if I were you.  Good luck!
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May 14
You can try a stated income or no doc loan. These types of loans do not verify your income through the traditional methods like tax returns. Although, for these types of loans you will need a substantial down payment. Although, this seems like a good route for you to take as long as your other finances are strong as well. The best thing for you to do is to speak with a knowledgeable lender to see if you can get started on financing a new home. If you need additional assistance, feel free to reach out. Good luck!
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May 14
As a self employed borrower it requires a little more finesse from the Lender as to how they read and understand your tax returns. How much home are you trying to purchase and how much initial investment do you have as this is extremely important in determining if i can be of assistance to you.
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May 14
 
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