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NO TAX RETURN GEORGIA MORTGAGE LENDERS

NO TAX RETURN GEORGIA MORTGAGE LENDERS

Georgia Mortgage Lenders.com we structure customized no-tax return stated income Georgia mortgage loan programs for both self-employed Georgia mortgage applicants who have trouble documentation their income. We have helped many self-employed Georgia real estate professionals, recently divorced and retired borrowers who have good credit and strong liquid reserves, and/or balance sheet qualify for a mortgage after being denied a mortgage.

NO TAX RETURN GEORGIA MORTGAGE LENDERS

NO TAX RETURNS GEORGIA MORTGAGE LENDERS HIGHLIGHTS

  • Minimum 600 Credit score for No Tax Return Program!
  • Bank Statements Only Used to Determine Income
  • No tax returns required
  • 12/24 months personal bank statements (Personal and Business)
  • Loans up to $3 million
  • Credit scores down to 620
  • Rates starting in the low 5’s
  • Up to 90% LTV
  • DTI up to 50% considered
  • Owner-occupied, 2nd homes, and investment properties
  • 2 years seasoning for foreclosure, short sale, BK, DIL
  • Non-warrantable condos considered
  • Jumbo loans down to 660 score
  • 5/1 ARM or 30-year fixed
  • No pre-payment penalty for owner-occ and 2nd homes
  • SFRs, townhomes, condos, 2-4 units
  • Seller concessions to 6% (2% for investment)
  • 2 year self-employed required

ALL ABOUT NO TAX RETURN GEORGIA MORTGAGE LENDERS- Georgia Mortgage applicants who can’t provide tax returns or pay stubs to show their income are getting stated income loans again as Georgia mortgage can no longer afford to ignore the business they are losing.

Georgia bank statement only mortgage lenders say these no tax return mortgage approvals are the same products as the so-called “liar loans” that were common before the Georgia housing crash. Rather, the no tax return loan approvals are going to self-employed owners or investors buying Georgia properties they intend to rent who can demonstrate an ability to repay, verifiable through 12 or 24 months Georgia bank or brokerage statements. Georgia bank statement only mortgage lenders said they look for enough assets to pay six to 12 months of mortgage payments, while also demanding high down payments starting at 10% down to reduce the chance of mortgage default.

The CFPB’s rules don’t give specific minimums for assets required to demonstrate an ability to repay a bank statement only mortgage, but critics said 24 months bank statements to prove income may not be enough.

GEORGIA BUSINESS OWNERS- Georgia mortgage lenders are targeting are small business owners, whose personal income tax returns may not reflect their ability to repay a Georgia mortgage loan. Many self employed keep income in their Georgia business to reduce their personal income tax obligation. Stated income Georgia mortgage lenders are also often geared toward Georgia investors, who don’t fall under the same rules imposed by the 2010 Dodd-Frank financial reform legislation.

Other Georgia mortgage lenders lowering their standards to win new business include Georgia biggest banks in Georgia, which said earlier this year it is willing to make loans to borrowers with credit scores as low as 600, down from a previous limit of 680.

The Dodd-Frank law said that, for all owner-occupied Georgia mortgage lenders must make sure the borrower has the capacity to repay, or face enforcement from the Consumer Financial Protection Bureau as well as consumer claims in court, where Georgia mortgage lenders could be liable for up to three years of finance charges and fees.

ABILITY TO REPAY GEORGIA MORTGAGE LENDERS- Ability-to-repay rules apply only to Georgia mortgages for primary residence in otherwise for people who will live in the Georgia house. That means there is potential for abuse if borrowers apply for the Georgia mortgage loan saying they’ll rent out the property when in fact they intend to live there. Because these kinds of loans are not subject to ability-to-repay rules and require less documentation, Georgia mortgage applicant could be talked into taking on Georgia mortgage loans they cannot afford.

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