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
More from the Blog
Obtain a Mortgage When You are Newly Self-Employed
Being self-employed is exciting, and adventurous as well as challenging. You can set your own hours and decide your own income. You have the satisfaction of building something that is all your own instead of building something for someone else. Obtain a Mortgage When...
Are You Getting All 5 Tax Breaks for Homeowners?
Whether you're preparing your taxes for next year or considering buying a home, it's important to understand all of the potential tax breaks you can get by being a homeowner. With the new Tax Cuts and Jobs Act, fewer Americans will need to itemize the returns in order...
FICO Credit Scoring System will be Changing This Summer
The FICO credit scoring system has been widely used since 1989. Since then the parameters in which FICO arrives at a certain number for an individual credit score have changed to help give a more precise assessment of a person’s credit history. This summer the FICO...
The Importance of Completing a Transfer Disclosure Statement Before Selling Your Home
If you’re ready to get serious about selling your home, start thinking about your house’s history in earnest. California law requires sellers to complete a Transfer Disclosure Statement to notate any issues their home has, to protect both buyers and sellers. Let’s...
Pros and Cons of an Adjustable Rate Mortgage
An adjustable-rate mortgage, also referred to as an ARM, is a home loan with a fixed rate for the first few years that switches over to an adjustable rate. The beginning fixed-rate period can be anywhere from the first three to ten years of the loan. This differs from...
California New Home Buyer Programs in 2020
California New Home Buyer Programs in 2020 - Buying a home is a huge investment and the biggest investment most people will make in their lifetime. If you are buying a home for the very first time it can seem daunting and quickly become overwhelming, especially just...
What to Do if You’ve Been Denied for a Mortgage Part 2
What to Do if You've Been Denied for a Mortgage Part 2 - If you have applied for a mortgage and have been denied, you are probably wondering why you were not approved and if there is any hope of you becoming a new homeowner in the future. In an earlier article (part...
7 Common Mistakes to Refinancing
There are many reasons why we consider refinancing our mortgage loan, the main reason, of course, is the possibility of saving money on our monthly home payment. Before you actually refinance read through these common refinance mistakes to make sure refinancing is...
Welcome to my Blog!
Here you’ll find tips, updates on mortgage laws and changes that can affect your loan or approval. Check back often for more great ideas.