The client is a Taxi Driver with 1-year experience
Looking to purchase a home for $525,000
20% down payment coming from the sale of existing home
Credit score was 682 (2 previous R2s)
The client’s bank declined the deal due to less than 2 years Business-For-Self
What documentation would be required?
Evidence of business
The client provided his Taxi License
Income Documentation - The gross income on the Self-Declared Letter was validated by annualizing both cash and point of sale deposits for the last 3 months, in the client’s business account
Solution:
The expenses outlined in the Self-Declared Letter
Net income will be used to qualify the deal
Our allowable GDS/TDS is 48%/48% with a maximum 30-year amortization
Approved 80% LTV