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...
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...
What Are Rate and Term Financing?
A rate and term refinance can be a useful way to save money on your home loan. What Is It? Basically, a rate and term refinance is a loan improvement. It allows you to exchange your old mortgage for a new one that will hopefully put you in a better financial position....
What is a Second Mortgage?
A second mortgage, which is sometimes called a junior lien, can be an option for turning your equity into available funds without having to sell the home. A second mortgage will increase your debt amount. It is considered a second mortgage because if the home should...
How to Start Saving Money for a House
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...
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...
Is Refinancing from an FHA Loan to a Conventional Loan an Good Idea?
With Interest rates remaining at historic lows, some homeowners with FHA loans are considering switching over to a conventional loan. Switching can bring some positive changes like a lower payment, less interest, and the chance to get rid of mortgage insurance. In...
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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.