Hey, it’s Chris Campbell, your friendly CPA, here to share valuable insights for business owners looking to obtain mortgages for personal residences. As a tax expert, I understand the challenges faced by many entrepreneurs when traditional mortgage lenders require tax returns and W2s for income verification. But fear not! There’s a solution called “bank statement loans” tailored for business owners like you.
With bank statement loans, lenders base your income on your business bank statement deposits, eliminating the need for tax returns. By analyzing your bank statements over 12-24 months, they assess your ability to afford a mortgage based on your business receipts. While these loans may come with slightly higher rates, they offer a path for business owners to qualify for mortgages that align with their true financial situation.
Keep in mind that these loans might not be available at mainstream banks, but numerous lenders specialize in them. So if you’re a business owner struggling to secure a personal residence mortgage, consider exploring bank statement loans in your state. Reach out for more details or assistance with any tax or accounting-related questions. Happy house hunting!
