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
Differences Between Bank Statement and Traditional Mortgages
A bank statement mortgage, also known as a self-employed mortgage or a non-traditional mortgage, is a type of home loan designed for individuals who have non-traditional income documentation or are self-employed. Unlike traditional mortgages that rely on W-2 forms and...
Donating and Decluttering Before A Move
The process of decluttering doesn’t have to be complicated. Start by making time to sort through your belongings before the move. The more time you have, the better, as it allows you to put more thought into decluttering decisions. Next, create a plan on how to tackle...
Does the Length of My Credit History Matter?
Does the Length of My Credit History Matter? - Your credit score is one of the most important metrics underwriters look at to determine your eligibility for a mortgage. This 3-digit number says a lot about how you manage debt and whether you are able to take on more...
No Doc Loan and Home Mortgages
No Doc Loan and Home Mortgages W4CY: July 18, 2023 - Jackie Barikhan – My Lender Jackie NO DOC mortgage – Learning details of the NO DOC home loan program - Jackie Barikhan – www.mylenderjackie.com Choosing a Good Home Lender – Discussing the different types of loan...
What is DSCR and How Does it Relate to a Cash Flow Mortgage?
A cash flow mortgage is the perfect solution for those looking to borrow money for an income property. It allows you to qualify for the mortgage based on the income potential of the property, rather than your W-2 verified income. Instead of your income, we look to...
How to Buy Your First Investment Property without Major Capitol
Owning an investment property can be rewarding and lucrative, offering the potential for long-term financial stability and building generational wealth. For many, buying their first investment property marks a significant step towards achieving financial goals. The...
How to Make Yourself a Strong Applicant for a Non-Traditional Mortgage
Applying for a mortgage is a major milestone, with lots of emotion attached. Before applying for mortgage pre-approval, most people want to know what they can do to be the strongest possible applicant. If you are applying for a non-traditional mortgage as a...
Should You Refinance in 2023?
Should You Refinance in 2023? - The refinancing storm of the past few years has calmed down significantly as the FED has raised the federal funds rate, but that doesn't mean your opportunity to refinance has necessarily passed. There are still some people who would...
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.