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Updated almost 4 years ago on . Most recent reply
Bank Statement Loans for Self Employed
I am currently self employed and considering a bank statement loan. Two years ago I applied for conventional financing for a house hack situation and was only approved for a small amount due to my DTI being so high. I sort of screwed myself by writing too much off my taxes. This year I either plan on adjusting my write offs and paying more in taxes (unfortunately) in order to qualify for more OR I am considering a Bank Statement Loan. If anyone has experience or advice on this type of loan I would love to hear about it.
Most Popular Reply
@Kevin Romines
Thank you Kevin, this is very informative. I have a lot to think about. I have enough for a larger down payment that would be required and I plan to house hack in a duplex or triplex. I suppose I wouldn’t mind the higher interest rates at the moment as long as I can get my feet wet and refinance at a later time. Thanks so much for the advice!