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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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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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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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...

read more
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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Federal Reserve Actions Could Make Getting Mortgages Easier

Federal Reserve Actions Could Make Getting Mortgages Easier

Federal Reserve Actions Could Make Getting Mortgages Easier - Rates have been slowly climbing in response to the federal reserve stance on inflation but homebuyers shouldn’t worry about having trouble qualifying for a mortgage loan in the months to come. Currently,...

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