Self-Employed? – No Problem!

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Many people have heard that it can be a daunting task to get a mortgage, when being self-employed, but that seems to prove as just a myth time and time again. The required documents needed, when being a 1099 employee OR self-employed, would be the last two years of tax returns.  The second year of tax returns can actually be waived, if the individual has been working in the same manner for 5 years or more (sometimes even three). Then when it comes to deductions, expenses, etc. things like mileage, depreciation, depletion, can all be added back to the “net profit,” in terms of calculating income.

Therefore, even though the net profit could be lower, the qualification could still be substantial based on the total picture of the business and/or compensation. Now, let’s say the tax returns, from a year ago, just do not show enough net profit to qualify for a home of one’s dreams, but the business has really picked up.  Well, there is a “bank statement loan.”

In this loan, the lender simply looks at the last 12 bank statements, giving credit for each deposit going into the account.  The monthly deposits are averaged over 12 months, and that would be the qualifying income.  YES, that easy!

All in all, if one is self-employed, or know of anyone self-employed that has questions in regards to mortgages, please do not hesitate to let me know, as I am always here to help! (704-430-6138 /

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Brandon Wolf
Brandon was born and raised in the Mint Hill area and graduated from Independence High School. He went on to play college baseball at Wingate University. Brandon met his wife at Independence HS, dated all through HS, college and got married right after college (they have a little boy due in September). Brandon has been a Mortgage Loan Officer, in Mint Hill, for over 7 years. "Mint Hill is more than the place I work, it's been my home. I grew up, played baseball, met my wife. I truly love helping people get mortgages in this town I have always called HOME" says Brandon.