If you are 1 year in business - You are approved with below Scenario

Sameer Nagpal · 2021-02-06T21:48:22.363Z

• 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

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