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Self Employed Mortgage                                                                                                 

Self employed mortgage products usually are reduced documentation mortgages and are a simple solution for the self employed individual. We are one of the largest lenders offering self employed mortgage programs which are collectively referred to as No Documentation mortgage products. 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 mortgage

Self Employed Mortgage products generally fall into three categories:

NO Doc self employed mortgage

No Doc mortgages 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.

No Ratio self employed mortgage

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 self employed mortgage

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.

Property and 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 construction/perm program.

Learn more about self employed mortgage closing costs

I have a page on calculating your qualification ratios.

I have a page on traditional documentation requirements.

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.