HOME LOANS FOR SELF-EMPLOYED AVAILABLE

WHAT IS A SELF-EMPLOYED HOME LOAN?

Self-employed home loans are non-traditional loans, or expanded criteria loans that allow other forms of documentation to prove the ability to repay. Just as it sounds, a self-employed home loan allows the borrower to verify his or her income with bank statements. Self-employed home loans are an alternative for borrowers who are unable to verify their income in the traditional way by providing the previous two years’ tax returns, W2s, and pay stubs.

ADVANTAGES OF A SELF-EMPLOYED HOME LOAN

The lender does not need to look at your tax returns or tax transcripts.

This can be a huge benefit if you're self-employed, have fluctuating income, or simply want to avoid the hassle of paperwork. Instead, the focus is on more accessible financial data.

We use your income deposit inside your bank statement account as qualifying income.

By reviewing your bank statements, the lender can assess your actual cash flow, which often provides a clearer picture of your income than traditional tax documents.

The minimum down payment for this program starts at 10%.

his low down payment option makes homeownership more attainable, especially for those who may not have a large amount of savings. Instead of the traditional 20% down, you only need 10%

The lender can look at 12 or 24-month bank statements.

You have the flexibility to choose between 12 or 24 months of bank statements, which helps cater to your specific financial situation and history.

You can get the rate for a 30-year fixed mortgage or adjustable rate.

With options for either a stable, long-term fixed rate or a potentially lower adjustable rate, you can tailor your mortgage to fit your financial strategy.

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You may have the option for an interest-only mortgage.

This option allows you to lower your monthly payments initially by paying only the interest, giving you more financial flexibility in the short term.

IS SELF-EMPLOYED HOME LOAN RIGHT FOR YOU?

We can help those who are self-employed with our Home Loan. Being self-employed does not mean you can’t get home financing. You do not have to submit any tax returns. We just need your bank statements to purchase a new home or to cash out and refinance an existing home that you already own.

Personal bank statement loans:

Qualify on 12 or 24 months bank statements. We count 100% of deposits as income.

Business bank statement loans:

Qualify on 12 or 24 months bank statements. We count 50% of deposits as income.

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Three-month bank statement loan:

Qualify on 3 months’ most recent bank statements. Account must show a positive balance and the CPA must verify.