Self-Employed
Purchase without tax returns. Use personal or business bank statements, or combination of both.
What is A Self-Employed Client?
A Self-employed client, is an individual who derives their income from one or more of the following sources:
- as a 1099 contractor
- as an entrepreneur
- as a business owner
- as a sole-proprietor
- the owner, or part owner of a partnership
- owner of a business with a fictitious business name
- the owner, or part owner of an LLC or INC.
Qualify As A Self-Employed Client
Mortgage options are available to address the unique circumstances of our self-employed clientele. Down payment options will average 10% to 20% based on the client qualifications, including Fico scores, which require a minimum 600.
Qualify Without Tax Returns
If you are self-employed, and want to purchase a home, you will be pleased to know that we offer mortgage products that address the unique issues that some self-employed borrowers face. Clients can qualify without the requirements of submitting personal or business tax returns.
How Does it Work?
The client must be self-employed for 2 years or more. Supporting documentation will be required. Qualification can be based on a personal bank account, a business bank account, multiple business bank accounts or a combination of all. The client can use either 12 months or 24 months of bank statements to show qualifiable income.
The underwriter will review the monthly deposits into each bank account. After reviewing the deposits into each account, the underwriter will determine all qualifiable deposits and determine the monthly income. Once the average monthly income for either 12 months or 24 months is determined, the client can move forward in the mortgage process.
What Types of Self-Employed Clients Can Obtain Financing?
The Self-Employed mortgage option is great for a variety of self-employed professionals.
Some examples are: accountants, attorneys, barbers, business owners, childcare workers, contractors, dancers, dentists, freelance writers, graphic designers, hairstylists, home cleaners, marketing consultants, photographers, online influencers, online entrepreneurs, professional speakers, truck drivers, and web developers. The list goes on as there are many other types of self-employment categories.
Disclaimer: Mortgage options are funded by 3rd party Lenders, and all underwriting requirements are based on 3rd party Lenders and Investors. Guidelines and mortgage options requirements and are subject to change. This is not a promise or commitment for a mortgage loan. Mortgage loan options may not be available in all States. For full licensing information, go to: www.nmlsconsumeraccess.org.
