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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What to Know When Asking About Mortgage Forbearance

What to Know When Asking About Mortgage Forbearance

Even though the mortgage delinquency rate is going up since the beginning of COVID-19 the rise has not expectedly risen to meet the number of unemployment claims. This has credit and housing counseling services concerned that homeowners may be staying silent about...

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How Soon Can I Buy a Home After Bankruptcy

How Soon Can I Buy a Home After Bankruptcy

Qualifying for a mortgage loan that would enable you to purchase a home after filing for bankruptcy may seem like a crazy dream. Bankruptcy tends to cast shame or paint a filer as a person who should never be trusted again with borrowed money. In all actuality, every...

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What You Need to Know About an E-Closing

What You Need to Know About an E-Closing

As many things shift to online and electronic services during pandemic social distancing measures people buying and selling homes are getting used to a new way of conducting real estate transactions. One of those things is the way mortgage papers are signed.  ...

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Using a Construction Loan to Build Your Dream House

Using a Construction Loan to Build Your Dream House

Construction loans can be a good option if you are hoping to build a brand new custom home or put some major work into an existing one. Read on to find out more information on construction loans. What is a Construction Loan? A construction loan has a shorter term than...

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How to Start Saving Money for a House

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Saving money to purchase a home may seem big, daunting, scary, unattainable, or always just out of reach. Don’t let your fears or apprehensions stop you from getting closer to the dream of owning your own home. Once you take those first steps it won’t seem so scary...

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Locking in a Mortgage Rate as Buyer’s Get Competitive

Locking in a Mortgage Rate as Buyer’s Get Competitive

At this time borrowers have a chance to lock in mortgage rates at historically low rates. Lower inventory to purchase from and a competitive seller’s market can make finding the right home a bigger challenge.  This has some buyers wondering when they should lock in...

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Can Cash-Out Refinances Help Reduce Debt?

Can Cash-Out Refinances Help Reduce Debt?

If you have mounting debts that you are struggling to pay off and feel like you will never get beyond just paying the high interest, you may be looking for ways to help pay the debt down. One option some people look into is a cash-out refinance. When you opt for a...

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