Mortgages for Self Employed
If you are self-employed and looking for a mortgage, you may have the wrong idea. Traditional mortgages don’t work for many self-employed individuals.
Loan Professors is here to help with access to 100+ wholesale lenders that specialize in helping people just like you!
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You’re not alone. In fact, the self-employed are a fast-growing group of mortgage borrowers. And that means more options for you to get approved for a loan and buy the home of your dreams.
If you’ve been turned down by lenders in the past because they didn’t think you had enough income or assets, we can help! We offer loans with flexible requirements so even if your credit isn’t perfect or your income fluctuates from month to month, there is still hope for getting approved.
Our team will work hard to ensure that every borrower gets their dream home no matter what challenges they face along the way. Let us be your guide through this process and make sure it goes smoothly!
Chat with one of our Loan Experts Today.
We’re available Monday to Friday to answer your questions!
Rules for Self Employed Mortgages
A borrower who owns 25% or more of a business, or is not a W-2 employee, is defined as “self-employed” by lenders. Before you can qualify for a home loan, most mortgage lenders demand at least two years of continuous self-employment. Some borrowers may only have one year of established self-employment, but there is good news.
There are exceptions to the two-year rule for self-employed borrowers. If you can show a two-year history of steady income, lenders may consider your application even if it’s only been one year since you started your business.
There are several different types of mortgages available for self-employed borrowers and each lender has their own guidelines and requirements, so make sure to ask lots of questions before making any decisions about which type of loan is best for you.
It’s also important to note that not all lenders offer all types of loans – some specialize in certain products – so don’t limit yourself by working with just one bank or broker. Shop around until you find the right fit!
Loans to Consider
These are some of the most common loans used for home financing, although there are many more loan options that are available for borrowers with different qualifying criteria.
Cash-Out
Whether you’re looking to consolidate debt, payoff student loans or have any other need, a cash-out refinance allows you to access your home’s equity at a very low rate.
FHA or VA Streamline
Allows for a quick and easy refinance of your current loan in the event market rates have improved since your previous financing.
Rate & Term
The most common refinance transaction. Simply improve the terms of your loan for a better long-term outcome.
Reverse Mortgage
A reverse mortgage is a loan available to homeowners, 62 years or older, that allows them to convert part of the equity in their homes into cash.
Consolidation
Designed to consolidate all mortgage liens against a property. The terms of this loan are slightly more favorable than a cash-out loan used to pay off personal debt.
Renovation
This program allows the homeowner to borrow the entire rehab cost and use the after-rehab value for qualification purposes.
Questions? Speak to our mortgage exeperts Today.
We’re available Monday to Friday to answer your questions!
