Financing in 30041>Question Details

mmfoundation…, Home Buyer in Atlanta, GA

Can I get a jumbo loan with 10% down and a 759 credit score?

Asked by mmfoundationsllc, Atlanta, GA Fri May 3, 2013

I am self employed and my business shows a loss on the last 2 yrs tax returns because of depreciation and all excess money was reinvested into the company for expansion. Now I want to purchase a home priced at 700k and I am having a hard time finding creative financing. Can anyone help?

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Very few banks offer Jumbo financing in that price range with only 10% down to clients who have easily verifiable income. My bank is one of only 3 that I know of. Depending on how your losses were claimed you may be fine, it’s hard to tell without looking at your tax returns. Depreciation can be added back in and shown as income for loan qualification purposes. Most lenders will view reinvestment as a business expense and therefor a loss, however there are some exceptions to this rule. My bank also offers a "bank statement" loan where we use 2 years of bank deposits rather than your tax returns to determine your income, this was designed specifically for the Self Employed borrower. We do require a 20% down payment for this product. I'd be happy to take a look at the specifics of your situation and see if we have a program that would help you achieve your specific financial goals.

Sincerely,

Chris Irvin
Mortgage Banker
Brand Mortgage
NMLS# 75615/465546
678-251-7889
cirvin@brandmortgage.com
http://www.chrisirvin.com
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