A self-employed mortgage is a type of home loan specifically designed for individuals who work for themselves, such as freelancers, small business owners, or contractors. Unlike traditional employees who receive regular pay stubs, self-employed individuals must provide additional documentation to prove their income stability and ability to repay the loan.
Our lender requires the following documentation for self-employed:
- P&L (Profit and Loss) Must Be Prepared by a CPA, EA (Enrolled Agent) or CTEC.
- Borrower prepared P&L not allowed
- P&L Must Cover a 12 Month Period and be Within 3 Months at Funding
- Co-Borrower W2 Income Allowed
- Up to 80% LTV
- Min FICO 660
- Up to $3M loan amount!
- 100% Gift Funds Allowed
- FTHB Allowed (First Time Home Buyer)
- Primary, 2nd, and Investment Properties Allowed
- 3-12 Months Reserves
- Single Family Home, 2-4 Unit, Condos
- Interest Only Available
- Cash out can be used for reserves
You can email me at Albert@PropertyLender.com for any questions including rates, terms and service. Above criteria is as of 9-24-2024 and subject to change depending on underwriting guidelines.