You Work Hard. Getting Your Mortgage Shouldn’t Be.
Mortgages For Self-Employed Borrowers Are Not Hard
Use Your Tax Returns
- Self employed home loans are simplest using your taxes to qualify. That gets you the best rate and fee options, without down payment restrictions.
- If your business has been in existence for five or more years, we may only need your most recent year’s taxes to qualify.
- If your business has been in existence for fewer than five years, you will generally need to use the last two years’ income to qualify.
- If you graduated from school, or were employed by a company, left and started your business in the same line of work, we may only need one year’s tax returns to qualify.
We Help You Assess Your Best Options
Other Self Employed Home Loan Options
- If your tax returns don’t show enough income, we can consider the following options to qualify:
- We can review your bank deposits for the last 12 to 24 months.
- We can review your 1099s.
- We can review your P&L.
- Debt Service Coverage Ratio (DSCR) loans may fit your needs.
- Asset Depletion may also be an option.
- Keep in mind, the further away you get from standard income documentation, the more expensive your rate and fee options get. And you will generally need at least 10% down.
Steps To Your Home Purchase:
- Get a mortgage preapproval. You want to understand the math behind your rate and fee options, your total monthly housing expense, and your total cash to close.
- Start shopping for a home that meets your needs and budget.
- Make an offer on a home you like that meets their eligibility requirements. Our mortgage preapproval letters are specific to your offer/s, so you’re not showing your cards to the seller.
- Get into contract.
- Close your home purchase. We can usually close your loan in two or three weeks, if speed is important to the seller.
- Enjoy your new home!
Your Roadmap To Homeownership
We can get you qualified and preapproved in about a ten minute conversation (or you can complete our online mortgage preapproval application, that we’ll follow with a phone call). But, sometimes you’ll find that you won’t qualify for what you’d hoped.
- Maybe you need to boost your credit?
- Maybe you need to save more for your down payment and closing costs?
- Maybe you need a little more income to get into the home that best fits your needs?
Whatever the reason may be, we’re with you, every step of the way. And, we often have solutions you may not have considered, to get where you want to be, too. Especially for the self-employed. Either way, you will have a clear roadmap to achieve your goal of buying your home.
We Respect Your Privacy
Don’t worry. You won’t get bombarded by telemarketers. We’re not like lendingtree or bankrate that are lead generating funnels who sell your information to mortgage companies. Nor are we a fully electronic, nameless, faceless app, that serves up information without helpful insight. We’re real people, at your service to help you evaluate your spectrum of options, and make the best decisions to suit your needs.