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 Search for: R/T refi, Self employed with only one year history.
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jsimmonizer

103 Posts
Posted - 05/14/2008 :  12:45:45 PM
I have a self employed borrower that needs a rate and term refi. Here is the problem I am having.
He is a painter and he has been working for his self for 2 years but mostly for cash. He does not have an actual business licence or contractors licence and did not claim any business income on his 2006 taxes.
Is there any programs that will allow self employed borrower with only one year history? Or any that will accept bank statments? If I can get away with the one year then I can go full doc and I can't see a way to verify the business for 2 so stated won't really help that I can see unless don't need 2 years.

any advise you have will be helpful, I just want to make it work for them.
Thank.
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