Caleb Adams
Licensed Mortgage Broker
Flexible Home Loan Solutions Designed for Self-Employed Borrowers
These loans take into account a borrower’s income, which may fluctuate and can be difficult to document. Self-employed home loans typically require a larger down payment and a higher credit score than traditional loans, but they offer more flexible qualification requirements.
Self-employed borrowers may also need to provide additional documentation to prove their income, such as bank statements, profit and loss statements, and tax returns. Overall, self-employed home loans provide an option for entrepreneurs and freelancers to achieve homeownership, even if they don’t meet the traditional lending requirements.
Self-employed home loans are designed for borrowers who are self-employed or have irregular income
Self-employed home loans typically require a larger down payment and higher credit score than traditional loans
Borrowers may need to provide additional documentation to prove their income, such as bank statements, profit and loss statements, and tax returns
These loans offer more flexible qualification requirements than traditional loans
Self-employed home loans may have higher interest rates compared to traditional loans
These loans can be used for various purposes, including purchasing a primary residence, a vacation home, or an investment property
Self-employed home loans provide an option for entrepreneurs and freelancers to achieve homeownership, even if they don’t meet the traditional lending requirements.
Absolutely. Self-employed and 1099 borrowers qualify for mortgages every day, it just takes a lender who knows how to document your income correctly. This is one of my specialties.
Most programs look at two years of tax returns, though some bank statement programs can qualify you using 12 to 24 months of bank deposits instead. I will help you find the path that reflects your real earning power.
A bank statement loan lets self-employed borrowers qualify using bank deposit history instead of tax returns, which can help if your tax returns show heavy write offs that do not reflect your actual cash flow.
They can on a traditional tax return based loan, but that is exactly why non-QM and bank statement programs exist. Let us look at your full financial picture together before assuming you will not qualify.