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(1) YEAR TAX RETURN GEORGIA MORTGAGE LENDERS

(1) YEAR TAX RETURN GEORGIA MORTGAGE LENDERS

Georgia WITHOUT Tax Return Mortgage Lenders – WITHOUT Income Verification Georgia Mortgage Lenders – Georgia Bank Statement Mortgage Lenders – Bank Statement WITHOUT Tax Return Georgia MortgageGeorgia Mortgage Lenders WITHOUT Tax Return Mortgage Lenders

The originally WITHOUT tax return bank statement only mortgage program  was originally intended for self-employed borrowers with complicated tax return schedules, but has recently become more widespread. This new way of documenting income has become more widespread because more often than not self employed and commission borrowers don’t show as much income needed to qualify for their dream home!

1 YEAR TAX RETURN GEORGIA MORTGAGE LENDERS – Created for the GEORGIA self-employed borrower who has been in business a minimum of (2) two years but may have had an isolated period of lower income prior to the most recent filed tax year.

1 YEAR ONLY TAX RETURNS GEORGIA MORTGAGE LENDERS

  1. GEORGIA purchases and R/T refinances; purchases, rate & term refinances and cash out refinances are eligible transactions; Fixed and ARMs available;
  2. Non owner GEORGIA Occupied Allowed allowed

ALL INFORMATION IS FOR EXAMPLE PURPOSES AND SHOULD NOT BE RELIED UPON

INCOME DOCUMENTATION

= BORROWERS MUST BE SELF-EMPLOYED TO QUALIFY FOR THIS PROGRAM

  • One year personal and GEORGIA business tax returns (along with all schedules and K-1’s) and YTD P&L/Balance Sheet from any businesses being used for qualification where the borrower has 25% or more ownership interest. Year-to-date P&L (can be borrower prepared), along with the most recent (i) 6 months personal bank statements (deposits must be WITHOUT less than 90% of P&L net income), or (ii) 6 months Business bank statements (deposits must be WITHOUT less than 90% of P&L gross income).
  • Self Employed Borrowers must also provide a letter from a CPA or tax preparer , or evidence from regulatory agency or applicable licensing bureau, stating the business has been in existence for 2 years.
  • Self Employed GEORGIA Mortgage Applicants will be qualified on the average of the tax return and P&L (P&L monthly income limited to + 10% of the monthly tax return income)
  • Self-employed Self Employed GEORGIA Mortgage Applicants income in a licensed profession (i.e. Medical, Legal, Accounting) will be considered from a GEORGIA business that’s been in existence for less than 2 years, but greater than 1 year per the following:

The individual must have at least 2 years of documented previous experience in the same profession, or evidence of formal education in a related field.

 

Possible GEORGIA 1 Year Only Tax Return Requirements Include and Are Not Limited To:

  • In addition, Verbal Verification of Employment required for all wage earners and must be completed within 10 calendar days of the funding date.
  • GEORGIA Wage Earners VVOE should include name of contact at place of employment, phone number and title along with company name, address.

 

Self Employed GEORGIA Mortgage Applicants ’s job description and title.

o Self-Employed 1 Year Self Employed GEORGIA Mortgage Applicants s should include verification of a phone listing and address for the Self Employed GEORGIA Mortgage Applicants ’s business AND verification through a third party such as a CPA. If contact is made verbally, the loan file must be documented to identify both the source of the information obtained and the name & title

of the person who obtained the information.

  • All Self-Employed 1 Year Tax Return GEORGIA Mortgage Applicants – IRS Form 4506T is required to be executed and all transcript documentation obtained for the most recent year.

o For 1 Year self- employed Tax Return GEORGIA Mortgage Applicants s, this is required for both personal returns and business returns where 1 year GEORGIA Self Employed Bank Statement Mortgage Applicants  has 25% or more ownership of a GEORGIA business

and is being used for qualification.

  • In the case where taxes have been filed and the tax transcripts are not available from the IRS, the IRS response to the request must reflect “No

Record Found” and be present in the loan file.

  • Evidence of any IRS filing extensions

 

  • Adjustable Rate Details
  • Interest Rate Adjustment Caps – See rate sheet
  • Margin – See rate sheet
  • Index – 1-Year LIBOR (London Interbank Offer Rate)
  • Index Establish Date – 45 days prior to the change date (aka “look back period”)
  • Interest Rate Floor – Note Start Rate
  • Conversion Option – None
  • Assumption – Yes, subject to investor approval (ARMs Only)
  • Negative Amortization – None
  • Interest Only Option – Available for LTVs <= 80%, O/O, ARMs Only; Fixed rate, 2 Home & NOO: N/A; Interest Only period is 120 months;

 

  • Age of Documents
  • Credit Report/Credit Documentation: 90 days old at the time of closing
  • Income and Asset Documentation: Dated within 90 days of closing
  • Title Report/Title Commitment: Dated WITHOUT later than 60 days prior to closing

 

Self Employed GEORGIA Mortgage Applicants  Eligibility

Eligible:

  • US Citizen
  • Permanent Resident Aliens
  • Non-Permanent Resident Aliens
  • First Time Home Buyers
  • Non-Occupant Co-Self Employed GEORGIA Mortgage Applicants s
  • Limited partnerships, general partnerships, corporations

o Personal guarantor required

 

In-Eligible:

  • Foreign Nationals
  • Irrevocable or Blind Trusts
  • Inter-Vivos Revocable Trust

 

1 Year Tax Return Borrower Credit Requirements

 

  • Each Borrower’s credit profile must include a minimum of 3 open trade lines that have a 24 month history. • Current housing not reporting on credit can be considered an open trade if supported by bank records (cancelled checks/debits).
  • Borrower(s) not using income to qualify and showing $0 earned or is notemployed; don’t need to meet the minimum tradeline requirements listed above.
  • All tradelines with delinquency history in the past 12 months requires a written explanation.
  • Any derogatory history must be fully explained • WITHOUT prior bankruptcies of any type allowed within 7 years of application. • WITHOUT prior foreclosure,

short-sale, deed-in-lieu or modifications due to the borrower’s inability to pay or continue to satisfy their monthly payment in its entirety by the borrower are

allowed within 7 years of application

  • All Judgments or liens affecting title must be paid • Non-title charge-offs and collections exceeding $1,000 (individually orin aggregate) must be paid
  • All past due accounts must be brought current prior to closing.
  • Borrowers with a history of collection accounts should be require to pay off derogatory accounts
  • WITHOUT authorized user accounts will be used to satisfy minimum trade requirements • Disputed accounts require a LOE per Fannie Mae. An updated credit report not required.

BANK STATEMENT ONLY GEORGIA MORTGAGE SUMMARY!
• 10% Down payment requirement using Business or Personal Statements.

  • • 100% of Deposits for Personal Statements! WITHOUT TAX RETURNS NEEDED!
    • 100% of Deposits for Business Statements! WITHOUT TAX RETURNS NEEDED!
  • Need Stated Profit and Loss using business. 
    • Don’t look at Withdrawals!
    • Minimum 600 Fico!
    • WITHOUT Reserves!
    12 or 24-Month Business or Personal Bank Statement Only Mortgage Lenders. Case by case 20 months only Georgia bank statement only approvals!

 

www.Georgia-Mortgage-Lenders.com

  • ALLOWABLE GEORGIA BORROWER TYPES:
  • Self Employed write off all their income!
  • 1099 Contractors that write off all their income!

BUSINESS OR PERSONAL BANK STATEMENT DEPOSITS:

      • Personal Bank Statements 100% of Deposits Add all deposits for all 24 months and divide that amount by 24 to receive the monthly income amount we will apply as the Georgia bank statement only mortgage qualifying income.Ex. 24 months deposits total = $200,000 / 24 = $8,333 a month income.
      • Business Bank Statements:  Add all business deposits for all 24 months and then divide by 24 to receive the gross monthly income amount we will give to the borrower. After than provide a profit and loss for the last 24 months of projected expenses to determining your business bank statement qualifying income. Business bank statement only example. Add up all 24 month deposit total = $500,000 / 24 = $20,883 a month income. Your stated profit and loss shows 30% expenses. 20,833 x 70% profit = $14,583 monthly qualifying income. 

or

www.Georgia-Mortgage-Lenders.com

GEORGIA BANK STATEMENT MORTGAGE LENDERS DETAILS:

      • Only deposits can be used Transfers are NOT counted on personal or business bank statements. 
      • Must have 24 consecutive months of statements (WITHOUT gaps) case by case only 20 months.
      • Must provide All pages (even the last pages with advertising)
      • Cannot commingle (use two different accounts) statements.
      • If account was used and closed and new account for remainder of statements must show closing of old account and opening of new account
      • Bank transfers may be accepted for Georgia business statements when they come from credit card clearing houses (examples: Paypal, Square, AMEX, etcetera).  Case-by-Case and must be considered normal for the company.
      • Multiple bank accounts are considered on a case-by-case when one account is closing and reopening new account, or (b) for Business accounts that are two different and autonomous businesses.

WHO IS A BANK STATEMENT ONLY MORTGAGE FOR? Are you self-employed in Georgia and trying to purchase a GA home? Or, do you earn bonus, commission or seasonal income? Are you a Georgia consultant, promoter, tax-preparer, freelancer, artist or other Georgia professional with an irregular Georgia income stream? Or do you just write off all your income on your tax returns? If so, then our Georgia Bank Statement Mortgage Lenders Program may be perfect for you!

HOW DOES A BANK STATEMENT ONLY MORTGAGE WORK?Simple. Instead of requiring your last 2 years of tax returns, W-2s, or proof of regular payroll checks, we base our Georgia Bank statement only mortgage loan approvals on a combination of your Georgia Bank statements and a Profit & Loss statement for your Georgia business deposits.

Even if you earn your income in just part of the year, as long as you maintain Georgia Bank accounts documenting your Georgia business income or Georgia Personal income Bank statement deposit stream we can help you qualify for our bank statement only mortgage!

Our Georgia mortgage lenders offer three Situations for our Bank statement only Georgia mortgage lenders program: 

Situation 1 – Your Georgia Personal and Georgia business Finances Utilize a Single Account
•             GA mortgage applicant provides Georgia Bank statements from the most recent 12 consecutive months
•             GA mortgage applicant provides a Profit & Loss (P&L) statement prepared by a CPA or a Licensed Tax Preparer
•             The expenses shown on the P&L must be reasonable considering the borrower’s type of self-employment
•             The P&L will be the primary source for information to qualify the borrower
•             The revenue from the P&L will be supported by the Georgia Bank statements the borrower provides
•             The Georgia Bank statements must reflect deposits WITHOUT less than 5% of the revenue stated on the P&L
•             The underwriter reserves the right to request Georgia Bank statements from up to 24 consecutive months
Situation 2 – You Maintain Separate Georgia Personal and Georgia business Accounts
•             WITHOUT P&L Statement is required
•             Only your Georgia Personal Georgia Bank statements will be considered to determine eligibility
•             Borrower provides Georgia Personal Georgia Bank statements from the most recent 12 consecutive months in addition to Georgia business Georgia Bank statements from the most recent 3 months (in order to verify the maintenance of separate accounts)
•             Annual deposits are averaged to determine monthly income
•             The underwriter reserves the right to request Georgia Bank statements from an addition 12 consecutive months
•             If an optional P&L prepared by a CPA or a Licensed Tax Preparer is provided, that will determine borrower’s monthly income(For both Situation 1 and Situation 2, the information provided must support the size of the requested transaction. Inconsistencies may necessitate additional documentation such as tax records.)
Situation 3 – You Only Use Georgia business Georgia Bank Statements to Qualify your Loan
•             GA mortgage applicant provides Georgia business Georgia Bank statements from the most recent 12 consecutive months
•             GA mortgage applicant provides a Profit & Loss (P&L) statement prepared by a CPA or a Licensed Tax Prepare.
•             The Georgia Bank statements must reflect deposits WITHOUT less than 5% of the revenue stated on the P&L(In all 3 Situations, issues such as Non-sufficient Funds (NSF) or Over-Drafts, even if so-called Overdraft Protection is utilized, may have a bearing on the underwriter’s decision. In general, a maximum of 3 NSF notices per 12 consecutive months will be allowed, whether they occurred in a single month or over the entire 12-month span. Exceptions may be allowed on a case-by-case basis, under review of the underwriting manager.)

Self Employed Georgia Mortgage Lenders –
WITHOUT Tax Return Georgia Mortgage Lenders  – FAQ

 

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