Self Employed Loan
Self employed loan products usually are reduced documentation loans and are a simple solution for the self employed
individual. We are one of the largest lenders
offering loan programs which are collectively referred to as No Documentation
loans. These loans are intended to assist borrowers obtain mortgage
financing of their home or investment property when their income or assets are
difficult to verify. Please email me with questions about a
Self Employed Loan products generally fall into three categories:
No Doc loans require no employment, income, or assets to be stated on your
loan application. We do not verify any information beyond your credit profile and the value of the property.
Our lenders will allow as little as a 10% down payment on an owner occupied home or investment property depending on your credit profile. If
you have had credit issues in the past you will need to make a slightly
higher down payment but I can get the loan done. Rates are 1 to
1.5% higher than conventional financing and are
available on both fixed rate and adjustable mortgages. Interest only products
are readily available and may reduce your payment.
A No Ratio loan is a good choice if you wish to not state any income
information as your rate will be less than for a true No Doc loan. Because we do not need
income information, no debt ratios are
calculated. However, we will verify employment and your assets.
Stated income loan products are the least expensive option in this category of
mortgages. We will verify your employment and assets, your income is
stated on the application but is not verified. Your stated income must be reasonable in light of your
occupation and assets. Rates are usually
only .500% above conventional rates.
Occupancy types allowed
No Documentation Loan programs allow you to purchase
or refinance a
single family, townhouse or condo. An investment property can be a single
family, 1-2 unit, townhouse or condo. Vacation homes also can be a single
family, townhouse, or condo. The loan program can be used with our
Learn more about
self employed loan closing costs
I have a page on calculating your qualification ratios.
I have a page on traditional documentation
As a Certified Mortgage
Planning Specialist, I offer an analysis of
your situation today can make suggestions on how small changes in how
your consumer and mortgage debt is structured today can have a life changing effect in the years
to come. Read more
about this free, no obligation service.