| Author |
Previous Topic | Next Topic |
|
mhundt
199 Posts |
 Posted - 05/15/2008 : 1:44:54 PM
|
| Where is everyone going with there self-employed borrowers who write everything off so there returns show minimal income? I did the purchase for him 3 years ago and used his bank statements but those loan s are gone. So what is everyone doing with these borrowers now? His bank statements are strong. He is a 648 and his wife is a 672 w-2 employee but doesn't make much income. Any advice would be fantastic...... 94 LTV, 260K loan amount |
|
meagherr
332 Posts |
Posted - 05/15/2008 : 1:53:55 PM
|
| Nice Xanthan!! That just made my day |
|
|
cvm2
234 Posts |
Posted - 05/15/2008 : 2:03:12 PM
|
Take the MGIC class on evaluating a self-employeed borrower. You can count alot of his deductions on his taxes in his income. It is an easy way 2 figure income. I like the SAM Method. It can be taken on line. We have to work harder. We can't just look at the tax returns and say I'll take him stated. Learn what deductions can be added back in to the income.
www.mgic.com
it is on the right side
|
|
|
mhundt
199 Posts |
Posted - 05/15/2008 : 2:12:57 PM
|
| Great! Someone with a brain and some actual advice! Thanks a bunch I'll go there now! |
|
|
cvm2
234 Posts |
Posted - 05/15/2008 : 2:36:55 PM
|
Thanks Matt
I will fax you the forms that give the line numbers for each schedule and form. I took the class in person so I have more info than you get from the site. It help me get a borrower approved. The program you download doesn't have the #s |
|
|
| |
Previous Topic | Next Topic |
|
Search for: 
