Self-employed Home Loan
Self-employed Home Loan is Available!
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.
Types of Self-employed Home Loans We Offer:
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.
Three-month bank statement loan:
Qualify on 3 months’ most recent bank statements. Account must show a positive balance and the CPA must verify.
Self-employed home loans are popular with the following types of borrowers:
- Business owners
- Freelance employees
- Consultants
- Contract workers
- Independent contractors
- Sole proprietors
- Gig economy workers
- Realtors
- Entrepreneurs
- Retirees
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:
In summary, these are the advantages of a Self-employed Home Loan:
- The lender does not need to look at your tax returns or tax transcripts.
- We use your income deposit inside your bank statement account as a qualifying income
- The minimum downpayment for this program starts at 10%.
- The lender can look at 12 or 24-month bank statements.
- You can use this program to purchase a home or refinance your current home.
- You can get the rate for a 30-year fixed mortgage or adjustable rate.
- You may have the option for an interest-only mortgage.
