FAQ for Self Employed Home Loans

Frequently asked questions on self-employment home loans or stated income loans.

Question: How good does my credit have to be?

Answer: You need a minimum credit score of 600 to be eligible for a stated income self-employment home loan. Past credit issues may be okay… READ MORE

Bank Statements are the New Stated Income Loan

Back in 2007 and 2008 during the subprime mortgage bust, stated income mortgages were a thing, but they tended to get people into a lot of trouble and made it possible to buy homes they really couldn’t afford. But, with a little bit of finesse, revising, and a lot of experience, we’ve now developed a new program called the bank statement home loan. READ MORE

Stated Income Loans are Available Again to Investors

Stated income home loans used to be widely available before the recession in 2008. And although we’re not back to the subprime mortgage bust, and hopefully never will be, these loans were extremely valuable and they’re making a huge comeback. READ MORE

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How to Get a Home Loan Without Tax Returns

How to Get a Home Loan Without Tax Returns

Home Loans for Self-Employed Without Tax Returns!What is a Bank Statement Loan for Self Employed Borrowers?What is the Best Loan for Self-Employed People?There are ways that a self-employed individual can qualify for conventional and FHA mortgages as Fannie Mae has...

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New Mortgage Program Proposal

New Mortgage Program Proposal

Recently five US senators introduced a bill that could help families with modest means build wealth through homeownership. This new proposal is called the LIFT Act, or Low-Income First-Time Homebuyers Act, and is currently only a bill. This new bill is hoped to...

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Rent Payments Can Now Be Considered in Credit History

Rent Payments Can Now Be Considered in Credit History

With a highly competitive seller’s market, it can be a little more challenging for first-time homebuyers to enter the housing market. To help a first-time home buyer secure a mortgage loan, the mortgage giant Fannie Mae will now allow lenders to consider rent payments...

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3 Items Lenders Hope Not to Find in Bank Statements

3 Items Lenders Hope Not to Find in Bank Statements

When applying for a mortgage loan, most lenders will ask you to supply at least one or two months of bank statements to get a better picture of your financial stability and responsibility. If you are applying for a bank statement loan, you could be asked for about one...

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California has a New Forgivable Equity Builder Loan Program

California has a New Forgivable Equity Builder Loan Program

The state of California has launched a new equity builder loan program in hopes to help first-time buyers become homeowners in a highly competitive market. This program is called a forgivable equity builder loan and it allows qualified first-time buyers to borrow up...

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Obtaining a Mortgage without a Job

Obtaining a Mortgage without a Job

Is it Possible to Get a Mortgage Without a Job? It is a possibility to obtain a mortgage loan or to refinance your current home loan when you are currently unemployed for whatever reason, be it a gap in employment, having enough wealth not to need employment, or...

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