• ALABAMA STATED INCOME MORTGAGE LENDERS PROGRAMS
• ALABAMA BANK STATEMENT MORTGAGE LENDERS
• No Tax Return Alabama Mortgage Lenders
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ALABAMA STATED INCOME MORTGAGE LENDERS

• 10% DOWN-ALABAMA SELF EMPLOYED MORTGAGE LENDERS 
• 6 ALABAMA STATED INCOME MORTGAGE LENDERS PROGRAMS
• ALABAMA SELF EMPLOYED MORTGAGE LENDERS-WE SAY YES!
• ALABAMA SELF EMPLOYED MORTGAGE LENDERS

Self-employed ALABAMA Business Owner? And having trouble getting approved for an ALABAMA mortgage?

ALABAMA NO TAX RETURN MORTGAGE LENDERS

Alabama Bank Statement Mortgage Lenders Highlights:

• No Tax Returns or Tax Transcripts required for income qualifications.
• Income is calculated using average deposits in your business or personal bank account
• 12 or 24 months Personal or Business Bank Statements
• Purchase a new Alabama home with as little as 10% Down
• Rate and Term Refinance Your Alabama Mortgage up to 90% of your home’s value
• Cash out Refinance up to 85% of your Alabama home’s value
• Loan amounts from $100,000 up to 3,000,000
• Debt to Income Ratios up to 55%
• Adjustable and 30-year Fixed Rate Options Available
• Interest Only Options Available
• Must be Self Employed for 2+ years to qualify!

ALABAMA STATED INCOME MORTGAGE LENDERS

Bank Statements Only Alabama Mortgage Lenders have a LOWER Minimum Score and INCREASED LTV’s  

600 mid score for 85%

660 mid score for 90%

• Purchase and or rate and term refinance.  
• Must be self-employed for 24 months
• Minimum loan amount 150k
• 12 months Personal OR 24 months Business bank statements
• Cash-out available
• No tax returns

24 MONTHS PERSONAL BANK STATEMENT ONLY ALABAMA MORTGAGE LENDERS

• Use 100% of the deposits
• Must provide 2 months business bank statements to verify where deposits come from.
• NO more than 6 NSF in the last 12 months.
• Minimum 640 FIco Score Prime Bank Statement Mortgage Lenders
• Minimum 600 fico for Standard Bank Statement mortgage Lenders

12 MONTHS PERSONAL BANK STATEMENT ALABAMA MORTGAGE LENDERS

• 2 months business bank statements required
• 80% Loan to Value
• 4 years proof of self employment
• Prime bank statement mortgage lenders only

24 MONTH BUSINESS BANK STATEMENT ALABAMA MORTGAGE LENDERS

• 24months business bank statements.
• Minimum 25% ownership in the business
• 3rd party CPA, Enrolled Agent, Or Reputable Bookery letter to verify experiences.
• MInimum 600 fico score
• Standard bank statement mortgage lenders only

ASSET EXPRESS Alabama MORTGAGE LENDERS PROGRAM

• Liquid assets that total the entire principal balance with 5 years other expenses
• Excluding principal and interest on subject qualifies.
• All qualifying assets must be inthe  bank or brokerage account.
• Assets must be seasoned for at least 6 months.
• 75% Maximum Loan to value.
• Credit grades A,A-, B+

ASSET ASSIST ALABAMA MORTGAGE LENDERS LOAN PROGRAM

• Liquid assets qualify for borrowers income with other income.
• Qualifying assets in the bank or brokerage account.
• Assets must be seasoned for at least 6 months.
• Credit grades A, A, B All parties on shared accounts must b on the loan.
• Owner occupied, 2nd homes, non-owner-occupied homes

LEASE AGREEMENT Alabama MORTGAGE LENDERS PROGRAM

• Use lease agreements interest of schedule Es.
• 80% of the least agreement used as income
• Rents must be typical for the area
• Credit grates A, A-, and B.
• Owner occupied, 2nd homes, nonowners occupied.

-STATED Alabama MORTGAGE LENDERS EXPLAINED

If you are self-employed stated Alabama home loan applicant, you already know the benefits that come with making your own decisions and never having to report to a boss. However, there are some disadvantages to generating your own self-employed income when it comes to applying for a stated Alabama home loan.

“There are two main problems that self-employed Alabama borrowers face when qualifying for an Alabama mortgage,” “First, you need to prove their income with tax returns rather than using a ‘stated income’ loan. Second, the recent housing recession has caused declining income for many self-employed business owners. Even if their income has stabilized, the stated Alabama home loan will be based on the average of your last two years of tax returns, which could show reduced income.”

Stated income Alabama home loans were originally designed for self-employed people but were abused by too many Alabama business owners that were buying homes they could not afford.

“Stated Alabama income loans are starting to make a small comeback on the secondary market, but only for Alabama Mortgage applicants with good credit scores of at least 640 or above, a down payment of 25 percent of the sales price or more and at least six months of future cash payment reserves to cover all monthly obligations.

“In the mid-1990s we Alabama stated lenders started using bank statements to show cash flow for self-employed people and was a good way to get a lot of Alabama homebuyers approved for Stated Alabama home loans.

– SELF EMPLOYED BORROWERS INCOME AND TAXES

Self-employed stated Alabama mortgage applicants must complete Internal Revenue Service Form 4506-T, which allows stated Alabama mortgage lenders to request tax transcripts. Alabama stated mortgage lenders are required to wait until the tax returns have been recorded by the IRS and must receive them directly from the IRS to verify legitimate returns.

Many self-employed individuals report expenses on their taxes in order to reduce their tax liability, but this can backfire when they apply for a mortgage.

“Self-employed stated Alabama mortgage applicants people typically report their gross income minus expenses to generate a net income,”. “For tax purposes, it may be beneficial to have net income as low as possible, but the net income is the number used for income qualification.”

For example, a Alabama business owner that claims $100,000 in income and $80,000 in expenses will find it nearly impossible to qualify for a traditional Alabama mortgage. At this point, a self-employed Alabama homebuyers has no other option but to apply using a stated Alabama mortgage lender