No Tax Return Home Loans for Self Employed Folks There are a great many self employed folks in America. We’re the land of Entrepreneurs for God’s sake. Being self employed is already tough enough but what happened in recent years through the Dodd-Frank law, home loans for these folks were dispensed with.
There was a time that self employed foks, because they had a lot of write-offs on their tax returns, were able to do what was called stated income loans. These loans were great but once the subprime lenders got in the game, the ruined it for everyone. Dodd-Frank through the baby out with the bath water- no more stated loans, even with 20% down and great credit scores. Hence, about 80% of self employed folks can’t get a home loan because of this law.
We’ve just introduced a no tax return loan that relies on 24 months of bank statements to cash flow home buyers. Its a great program and if you are a self employed person, you should call for details.