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

Difference Between Bank Statement Loans and Stated Income

Difference Between Bank Statement Loans and Stated Income

I am very passionate about this type of home loans for the self-employed. I've been working with several lenders for multiple years now on bank statement loans and stated incomes but is there really a difference? I did a post that bank statement loans are the new...

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Are You Getting All 5 Tax Breaks for Homeowners?

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...

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5 Reasons Your Loan May Not Be Approved

5 Reasons Your Loan May Not Be Approved

There's nothing more disheartening than realizing your home loan has fallen through or you can get approval for a home loan. It really comes down to these five reasons why a lot of buyers feel to get their mortgage approved. #1. Low credit score. Now, I specialize in...

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What You Need to Be Ready for Your Home Loan Application

What You Need to Be Ready for Your Home Loan Application

How to Prepare for a Home Loan Application Planning for home ownership is just as important as homeownership itself. Being prepared from the beginning can put you in a better place overall not only now but in the future. Nobody wants to purchase a home only to be...

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Stated Income Loans are Ideal for Real Estate Investors

Stated Income Loans are Ideal for Real Estate 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. In 2010, the Dodd-Frank...

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Should I Look at Homes First or Apply for a Loan?

Should I Look at Homes First or Apply for a Loan?

I hear a lot of agents telling buyers to apply for a home loan before looking at any property but is this always the best direction? I have found that applying first and looking at homes second only works about half of the time. The reason for this being that buyers...

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When Should We Get Pre-Approved for a Mortgage?

When Should We Get Pre-Approved for a Mortgage?

Being preapproved before looking at homes is always the correct way to do things when buying a property but when should you get preapproved, why, and what is it? Being preapproved with a lender is more than simply typing in your income in a mortgage calculator online...

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Can I Use a Refinance to Buy a Second Home?

Can I Use a Refinance to Buy a Second Home?

Rates are extremely low right now in fact, in December, they are the lowest they've been this month in seven years. That means it's a great time to consider a refinance were buying your first or even your second home. But can you take the money out of your current...

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