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jsimmonizer
117 Posts |
 Posted - 05/14/2008 : 1:12:37 PM
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All right you magical wizards, what do I do to make this one fly?
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 or atleast it was not on the 2006 taxes. He does not have an actual business licence or contractors licence and did not claim any business income on his 2006 taxes. (But 2007 is Ok.)
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 years 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. If there is a answer out there I am sure you all will know it.
Thanks |
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Carpet Muncher
1385 Posts |
Posted - 05/14/2008 : 1:19:14 PM
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credit score
ltv |
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jsimmonizer
117 Posts |
Posted - 05/14/2008 : 2:33:58 PM
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| 75% LTV and 700 scores. |
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