Creative Mortgage Financing Solutions for Self Employed Borrowers
As a self employed borrower you will run into potentially more issues than if you were a pay stub or W2 employee. We will need to evaluate a Schedule C or K1’s two years tax returns, all 1099’s and pull your credit. Typically these borrowers will take an average of their two years tax returns. If you have been in business for 5 years or more we can offer a one year option for strong credit buyers. We need to evaluate unreimbursed expenses an can add back items as well but we need full tax returns in order to calculate income properly.
The options for these buyers will typically utilize a Conventional home loan.
Loan Solutions for Self Employed Borrowers
Here’s how our home loan process works:
- Complete our basic mortgage application
- Receive loan options based credit score
- Compare interest rates and mortgage terms
- Choose the estimate that meets your needs