Are you a self-employed borrower looking to secure a mortgage? Well, we have some great news for you! At MortgageDepot, we do not always require business tax returns for self-employed borrowers. That’s right – you read that correctly!
When it comes to funding for closing costs, down payment, and reserves, all the funds must come from the borrower’s personal accounts. This ensures transparency and simplifies the process for self-employed individuals.
In addition, we have specific criteria that must be met for self-employed borrowers to qualify for this benefit. The borrower must have been self-employed for at least 5 years, demonstrating stability and experience in their business. Furthermore, their personal tax returns should show a consistent increase in income over the most recent 2 years, indicating financial growth and stability.
So, if you’re a self-employed borrower who meets these criteria, MortgageDepot is here to help you secure the mortgage you need without the hassle of providing business tax returns. Contact us today to learn more about our flexible options for self-employed individuals!
