Self Employed: How to Get a Mortgage?

What you need to know to successfully apply for a mortgage when self-employed.

If you are self employed, you can receive a bank statement loan as long as you have had 2 years of self employment.

Pros to a Bank Statement Loan:

• No need for tax returns.

• Your credit scores can be low.

• Recent bankruptcies are permitted.

• You can still qualify even if your business is showing a loss.

Cons to a Bank Statement Loan:

• You will be paying a higher interest rate.

• You must show income - why bank statements are required.

• It is not available to a salaried borrower. If you have a side line business and still have a salaried job, you will not be able to receive this type of loan.

Overall, there are ways for Self Employed people to still have a home of their own. Contact me for great loan officers to talk to regarding a Bank Statement Loan.