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
Question: How much can I apply for?
Answer: Home loans up to $3 million and a minimum of $150,000.
Question: Is there a prepayment penalty?
Question: What if I have had a foreclosure in the past?
Answer: Foreclosures, short sales, bankruptcies, deed in lieu, are all okay with letter of explanation, some limitations apply.
Question: Can I purchase a townhouse or condominium?
Answer: Non-warrantable condos are considered but townhouses and 2 to 4 unit condos and multiplexes are eligible.
Question: Can I use this for a home equity loan?
Answer: No, only for purchase or refinance.
Question: How fast is the closing?
Answer: Closing time can be in as little as three weeks.
Question: How do you calculate my income?
Answer: Qualifications are based on 12-24 average monthly deposits either through business or personal bank statements.
Question: Our interest-only loans available?
Question: Can I use this for an investment property?
Answer: Yes, owner-occupied, second homes, and investment properties allowed.
Question: Do you need my W-2s or tax returns?
Answer: No, we can use either personal or business bank statements.
Question: Will I have a higher interest rate?
Answer: We use competitive rates starting at 3%.
Question: How much down payment do I need?
Answer: As little as 10% down for purchase with no mortgage insurance.
Question: do I have to be 100% the owner of the business?