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Solutions for self-employed.
There are plenty of alternative methods for securing a home loan. See below for my best loan programs for self employed borrowers who may not qualify for a conventional, VA, or FHA mortgage.
About the products.
Bank statement loan
Qualify for a home loan using between 12 to 24 months of personal or business bank statements. The lender will look at deposits rather than net income. This loan is great for self-employed borrowers who may not qualify for conventional loan programs.
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Program highlights
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Minimum 660 credit score (Exceptions can be made)
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Been in business for at least 2 years
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25-50% expense factor applied to income for qualifying
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Can be lower if letter from CPA states otherwise​
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1099 Only
Designed for borrowers who are independent contractors with low expenses who receive 1 or more 1099s per year. Can be paired with W2 income when qualifying.
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Program highlights
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Minimum 660 credit score (exceptions can be made)
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Been in business for at least 2 years
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10% expense factor applied to income for qualifying
Debt Service Coverage Ration (DSCR)
Use future rental income to qualify, no income or liabilities review needed. Qualify based off the debt service coverage ratio with long term or short term rents.
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Program highlights
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Minimum 660 credit score
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DSCR > 1 (Exceptions can be made)
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1-8 units allowed
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Gift funds ALLOWED, minimum 10% client contribution
Stated Income
No income or employment provided on loan application. Qualify based off credit and cash reserves.
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Program highlights:
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Minimum 640 credit score
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Gifts allowed for 100% of down payment and closing costs
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Homebuyer education course required
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Business funds allowed based off % ownership
