Hi, this is Tom Heath with the Mortgage Guidance Group at Nova Home Loans, and this is our weekly installment of mortgage and real estate related matters. I just want to talk to you this week about a program that we’re offering in house, meaning our underwriters review it here within Nova for 1099 employees. If you, like a lot of real estate agents are paid with a 1099, ypically, we have to look at a two year tax return history. There’s all kinds of expenses and things that we have to adjust for, and the net income may not be enough to qualify. We’ve developed a 1099 program where we can forego the tax returns and just go off the figures for the 1099 with specific estimates for your business expenses. In some cases, that creates larger income for qualified. Now, ideally, we would still want to look at the tax returns because that’s going to get us into a more conventional, conforming product that will have better terms. However, if you’re in a situation where the tax income is not sufficient, you might want to give us an opportunity to look at those 1099’s and see with this program if it’s something that makes sense.
We’ve also released an in house bank statement program where we can use average deposits from a person’s individual or business account and use that for loan qualifications and again, the benefits. We’ve had these programs for a while, but as a third party brokered option where we had to rely on others to make those decisions. With these, we have the ability to look at them in house gives us more control over the process, trade offs for everything. So before we get too deeply into it with a client of yours, we’re going to look at all their options and see which ones make the most sense.
If you have any questions, don’t hesitate, reach out. You can email us, call us, head over to our website, mggroup tucson.com. Find the contact button there, and you can also recommend topics for our weekly updates. Thanks. Bye.
