5 million. It is not uncommon for lenders to require three years of tax returns in order to qualify for such a loan. Mortgage Depot offers some self-employed borrowers the opportunity to qualify for jumbo loans with only one year of tax returns.
Mortgage Depot offers a program specifically designed for self-employed individuals which allows them to qualify for jumbo loans with only one year of tax returns. This is beneficial for borrowers who have been self-employed for less than three years or those who have volatile income streams. In addition, borrowers with assets that cannot be verified through tax returns can still qualify for jumbo loans if they meet the other guidelines.
To qualify for the program, borrowers must provide proof of a strong payment history of debt, including credit cards and installment loans. Additionally, borrowers must demonstrate the ability to make the monthly payments on the loan and have sufficient liquid assets to cover closing costs and reserves. Borrowers must also have at least two years of verifiable employment to qualify for the program.
This program may be beneficial to those self-employed individuals who do not have the three years of tax returns required by many lenders. By providing proof of a strong payment history, adequate funds, and verifiable employment, self-employed individuals can now qualify for jumbo loans with only one year of tax returns.
Mortgage Depot's self-employed jumbo loan program is designed to make it easier for self-employed individuals to qualify for loans of up to 3.5 million dollars without having to provide three years of tax returns. To qualify, borrowers must have proof of a solid payment history of debt, demonstrate their ability to make the monthly payments, and have sufficient liquid assets to cover closing costs and reserves. Additionally, borrowers must have at least two years of verifiable employment to qualify for the program. This program is beneficial to those who do not have the traditional three years of tax returns required by most lenders but still would like to obtain a jumbo loan.
This article was contributed on Jun 27, 2023
