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

New Mortgage Requirements for Self-Employed Borrowers

New Mortgage Requirements for Self-Employed Borrowers

Last month Fannie Mae and Freddie Mac both announced new standard requirements for self-employed borrowers and loan applicants. It is expected that many other lenders will adhere to these loan requirements in the near future as well. New Self-employment Mortgage...

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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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How Many Names Can Be on a Mortgage?

As home prices increase it is not uncommon for homebuyers to purchase a home with another party. But how many names can you have on a single mortgage? The answer to this question is that there is no actual legal limit as to how many names can be on one single home...

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Stated Income Mortgage Options 2021

Stated Income Mortgage Options 2021

Stated income loans are not as widely available as they were prior to the recession of 2008 when several houses went into foreclosure. These no-document mortgages became harder to find in favor of strict income verification rules to help mitigate the large risks and...

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Mortgages for Second Home and Vacation Homes in 2021

Mortgages for Second Home and Vacation Homes in 2021

Right now could be a good time to purchase a second home. Not only do second homes save money on the expensive hotel costs of vacations, they can also be used as a potential source of income. Today’s current low mortgage rates could make purchasing that second home,...

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General Qualifiers for Jumbo Mortgages

General Qualifiers for Jumbo Mortgages

General Qualifiers for Jumbo Mortgages - If you are needing a home loan that covers more than $548,250, or $822,375 in more expensive housing markets across California, you will need a jumbo loan. But what are the qualifications of being able to secure a jumbo loan?...

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