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Me and my husband are looking to refinance our home in which we have about 50% equity. The problem is we are both self-employed and since stated income loans have gone the way of the dodo bird we are going to have to use our last 2 years of tax returns. The problems is we depreciate a large amount of our income away (we have rental properties). Will the bank take that into account...and will they use the most recent number or average the two?
stated is available... good credit (680 or better).
depreciation usually added back.
may be able to find a loan that does not require verification of income since you have good equity... you will need good credit (700+). Let me know if you'd like a lender recommendation.
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