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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FAQs on Calculating Self-Employment Income for Mortgages
Frequently Asked Questions on Calculating Self-Employment Income for Mortgages by My Lender Jackie in California - home loans for self-employed Is it hard to obtain a mortgage when you are self-employed? Self-employed borrowers do face a higher level of oversight...
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...
5 Tips on Improving Your Credit Score in California
It is important to understand the general importance of a credit score, and what having a good score can mean for you and your future. The official definition of a credit score is summed as a numerical expression based upon a level analysis of an individual's credit...
Are No-Doc Loans Still Available in 2022?
Are No-Doc Loans Still Available in 2022? - If you have a less than traditional employment situation, maybe you are self-employed, maybe you do gig work, or something similar, you may still be able to get a no-document mortgage to help you purchase a home this year. A...
HERO Loans: They Might Seem More Promising Than They Are
HERO Loans They Might Seem More Promising Than They Are What is a HERO loan? In the simplest of terms, a HERO loan is a government-backed mortgage product offered to those homeowners that would like help covering the cost of energy-efficient improvements made to their...
How to Use a Cash Flow Loan Instead of Tax Returns for Investment Property
An investor cash flow loan is also sometimes recognized as a debt service coverage ratio loan. This type of loan is designed specifically for real estate investors hoping to use other means than tax returns to qualify for a mortgage to purchase an investment property...
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...
Right Now is a Great Time to Refinance Investment Properties
Right Now is a Great Time to Refinance Investment Properties - The historically record-breaking low-interest rates over the last year and a half have sent homeowners to seek out loan products in larger numbers than previous years. One group that could significantly...
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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.