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
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...
Today’s Financing Options That Will Save Homeowners from Foreclosure
At the beginning and even towards the middle of the pandemic-causing shifts in the housing market many real estate market experts voiced concerns over mortgage forbearance programs and the impact it would have when it came time for homeowners to pay them off. They...
Tips to Boost Your Credit Score to Obtain the Best Mortgage Rates
The three-digit number that is your credit score puts a big impact on your ability to qualify for a mortgage loan and what interest rate you will be offered. An interest rate plays a very significant role in how much home you can afford as it makes a dramatic impact...
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...
Jumbo Loans are More Accessible Right Now – Should You Get One?
When you are hoping to purchase a home for a larger amount of money requiring you to apply for a larger mortgage, a traditional conforming loan may not be enough. You may need to look into borrowing a jumbo loan. For most real estate areas, a jumbo loan is needed for...
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,...
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?...
Adverse Market Fee on Refinances has Been Dropped
The large mortgage backing entities of Fannie Mae and Freddie Mac are dropping a fee on mortgage refinances that was instituted during the pandemic at the end of 2020. Dropping this fee is lowering the cost for borrowers to take out a refinance mortgage loan on...
Welcome to my Blog!
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.