Traditional mortgage lenders often rely on W-2 forms and consistent pay stubs to verify income, but self-employed individuals typically don't have these documents. Self-employed loans are designed to assess your financial health using alternative documentation. Whether you're a freelancer, small business owner, or entrepreneur, we understand the importance of flexible options that work for you.
Proof of Income: We look at your last two years of tax returns, including Schedule C or K-1 forms, along with recent bank statements to get a clear picture of your earnings.
Credit History: We consider credit scores as low as 550.
Assets and Reserves: Having savings or other liquid assets can boost your chances of approval and may help secure better terms.
Business Stability: Lenders prefer businesses that have been established for at least two years.
We are able to provide jumbo financing up to $5m.
Sustainable Income: A good rule of thumb is that your monthly housing expenses should not exceed 28% to 30% of your gross monthly income.
Consistent Income: Lenders usually require at least two years of consistent income from self-employment. They will look at your tax returns from the past two years, including any business-related schedules like Schedule C (Profit or Loss from Business) or K-1 (for partnerships or S corporations).
Your journey to homeownership begins with knowledge and ends with the keys to your dream home in hand. Let’s take the first step today and turn your homeowning dreams into reality. Work with us today!