The Bank Statement Loan Program is an excellent solution for self-employed borrowers. If you have a 2 year history of being self-employed in the same business you can qualify based on the income shown on a 12 to 24 month deposit history from your personal or business bank accounts. Your business or personal tax returns are not required.
There are exceptions to the 2 year rule:
The limited documentation DSCR Loan is a popular choice for Investors as it eliminates the need to look at all of your monthly debt and all of your monthly income in order to determine your debt to income ratio ("DTI") is not higher than 50. Instead, you only need to show the market rent for the property you are buying will cover your mortgage payment, including property taxes, homeowners insurance and any condominium/association fees. ("PITIA")
There is no need to document your employment or income with the DSCR Program. Therefore, W-2's, paystubs, and tax returns are not required.
A 1099 Income Loan is a flexible mortgage product offered by our lenders. It caters to self-employed borrowers who are 1099 workers including contractors, vendors, gig economy workers, freelancers and pretty much anyone who makes their living with multiple side jobs.
As a 1099 worker you are held to the same standards for credit, debt, down payment, and income as wage-earning applicants. The part that can be tough is documenting your income.
The 1099 Program can be your solution. Simply submit your 1099's with a written verification from your employer(s). Tax returns are not required.
The Asset Program looks only at your assets to determine your eligibility. Income and employment documentation are not necessary.
This is an excellent program for retired, self employed or high asset buyers/borrowers.
We understand the challenges faced by self-employed individuals when applying for a mortgage to purchase a home or to refinance an existing loan.
A 1 year or 2 year Profit & Loss Statement (P&L) prepared by your CPA can be just the solution you need.
This is the Jumbo DSCR Program. Like our standard DSCR program it is not necessary to provide employment or income documentation. You only need to show that the market rent for the property you are buying will cover your mortgage payment including property taxes, homeowners insurance and any condominium or association fees. ("PITIA")
Disclaimer: Lending products are subject to approval.
Rates, program terms & conditions are subject to change without notice. Not all products are available in all states or for all amounts. This does not represent an offer to enter into a loan agreement. Other requirements, restrictions & limitations may apply.