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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How to Get a Mortgage After Foreclosure

How to Get a Mortgage After Foreclosure

Going through a foreclosure is no small deal and it is not an easy one either. Many past homeowners begin to give up hope of ever owning a home again after they have been through a foreclosure, but there is a chance you can qualify for a home loan again. It is...

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Can I Use an FHA 203(k) Loan to Purchase a Fixer Upper

Can I Use an FHA 203(k) Loan to Purchase a Fixer Upper

Purchasing a property in need of repair can be a good way to save some money on a home that has all of the attributes you really want and the potential to become something you love. How will you pay for the repair work to make it into the home of your dreams? An FHA...

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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...

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How to Start Saving Money for a House

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...

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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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What Does the New Refinance Fee Mean for Borrowers?

What Does the New Refinance Fee Mean for Borrowers?

The Federal Housing Finance Agency “adverse market” half percent fee on a majority of mortgage refinances officially went into effect on December 1, 2020. For those already in the process of refinancing this fee has been built into your refinance rate. If you are...

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