What is a Self-Employed Loan?
A self-employed mortgage loan is a type of mortgage that is designed specifically for people who are self-employed. This type of loan is tailored to meet the unique needs of self-employed individuals who may not have a steady income stream, a W-2 statement, or traditional income verification documents that are typically required for a traditional mortgage application.
Being Self-Employed Does Not Choose Your Loan Program
Business owners and independent workers may qualify for conventional or other mortgage programs. The right review depends on your income history, business structure, documentation and overall application.
Prepare for an Income Review
Traditional underwriting may require personal and business tax returns, schedules and other records. Some alternative lender programs may use bank statements or other accepted documentation. Ask how income is calculated; business revenue and personal qualifying income are not automatically the same.
Compare Available Options
Alternative documentation does not guarantee less paperwork, a lower down payment, a lower rate or approval. Compare the full payment, costs, funds required and loan terms with any traditional options available to you.
Start With Your Business and Timeline
Tell your advisor how you earn income and when you plan to buy or refinance. Use the secure application process when providing tax returns or bank statements.
Ask a TGBMC home loan advisor, call (469) 351-1081, or start your secure application.
An inquiry is not a loan approval or rate lock. Use the secure application process for financial documents.
Official resource: Learn more about this program.
With the right documentation and financial information, borrowers can obtain a self-employed mortgage loan and achieve their dream of homeownership. Contact The Good Buy Mortgage Company today to learn more about getting a Self-Employed Mortgage Loan.
