Realogics Sotheby’s International Realty’s lending partners at Movement Mortgage can help you achieve your homeownership dreams this season. Their offerings include programs that help self-employed individuals find success in the market.
Historically, self-employed individuals have faced unique challenges when it comes to qualifying for major purchases like a home. At Movement Mortgage, they understand these obstacles and are proud to offer solutions tailored to help this underserved segment of buyers. One of their standout offerings is the Bank Statement Program, designed specifically for self-employed borrowers who may have strong, consistent deposits but also significant tax write-offs. This program offers greater flexibility and removes the traditional roadblocks many of these clients face.
Key Program Features:
- Eligible Borrowers: Self-employed individuals with at least 25% ownership in their business
- Business History Requirement: Minimum of two years in business
- Bank Statement Options:
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- 12 months of business bank statements, or
- 12 months of personal bank statements with 2 months of verified business account activity
- No Tax Transcripts Required
- Income Calculation Methods (Choose one):
1. Fixed Expense Ratio: Deposits reduced by a 50% expense ratio (no P&L required)
2. CPA Expense Ratio: CPA letter stating the expense ratio (no P&L required)
3. Third-Party Prepared P&L: Income based on P&L with deposits matching gross receipts
Additional Flexibility:
- Income can be combined with wage earner income or asset utilization
- For Personal Bank Statements:
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- Commingled funds may be considered if the business is a sole proprietorship in the borrower’s name (e.g., consultants, attorneys, physicians)
- Business funds can be used for down payment, closing costs, and reserves with a CPA letter confirming 100% ownership and no adverse impact on the business
At Movement Mortgage, they believe in expanding access to homeownership by offering innovative solutions that align with the diverse financial profiles of today’s buyers. As market inventory continues to rise and properties remain on the market a bit longer, buyers may find this an ideal time to make their move, with less competition and more negotiating power.
Connect with trusted Lending Partners—Jolene, Carese, or Rick—today! They are here to help you turn your dreams of homeownership into reality.
