Self Employed Archives

26

Nov

Mortgage ApplicationBank Statement Loans, Home Equity Loan, Self Employed

A Deep Dive Into Bank Statement Second Mortgages for Self-Employed Individuals

If you're self-employed or have an income that doesn’t fit traditional molds, securing financing for a home renovation or debt consolidation can seem daunting. However, bank statement second mortgages are designed to provide a viable solution for homeowners who don’t rely on conventional pay stubs, W-2 forms, or tax returns. Let’s break down how these unique loans work and how they can benefit self-employed individuals. What is a Bank Statement Second Mortgage?A bank statement second mortgage is a specialized loan that allows you to tap into your home’s equity without the usual income verification documents. Instead of relying on tax returns…

08

Feb

By Todd Grey

Mortgage TipsMortgage, Non-QM, Self Employed

Navigating Mortgages as a Self-Employed Professional: A Guide to Non-QM Lending

For self-employed professionals, the mortgage process can feel like passing through a maze, fraught with challenges and uncertainties. Traditional lending standards often favor individuals with stable, predictable incomes, leaving entrepreneurs and freelancers in a precarious position. However, there's a solution gaining traction in the mortgage industry: Non-Qualified Mortgages (Non-QM). We'll explore how self-employed individuals can successfully navigate the mortgage landscape, leveraging non-QM lending to their advantage. Understanding Non-QM Lending Non-qualified mortgages represent an alternative to the stringent criteria of Qualified Mortgages (QM). While QM loans adhere to strict guidelines set forth by the Consumer Financial Protection Bureau (CFPB), Non-QM loans…

26

Jan

By Todd Grey

MortgageMortgage, Non-QM Mortgage, Self Employed

Getting A Mortgage When Self-Employed: What You Need To Know

There is a common misconception that someone who is self-employed will not have the tax records or income necessary to qualify for a mortgage; however, that is not necessarily the case. In reality, if you are self-employed, there are a lot of home loan options available to you. It is true that it might require some additional paperwork and planning, but as long as you have the necessary information, you should be able to qualify for a mortgage. What Is Necessary To Qualify For A Self-Employed Mortgage Loan? If you are interested in taking out a mortgage when you are…

26

Jan

By Todd Grey

MortgageMortgage, Non-QM Mortgage, Self Employed

Getting A Mortgage When Self-Employed: What You Need To Know

There is a common misconception that someone who is self-employed will not have the tax records or income necessary to qualify for a mortgage; however, that is not necessarily the case. In reality, if you are self-employed, there are a lot of home loan options available to you. It is true that it might require some additional paperwork and planning, but as long as you have the necessary information, you should be able to qualify for a mortgage. What Is Necessary To Qualify For A Self-Employed Mortgage Loan? If you are interested in taking out a mortgage when you are…

14

Oct

By Todd Grey

MortgageMortgage, Non-QM, Self Employed

A Non-QM Mortgage: What Does This Mean?

If you are interested in purchasing a house, you need to review all of the offers available. The vast majority of loan officers are going to talk about something called qualifying mortgages, which is usually shortened to QM. You may be asking, what is a non-qualifying mortgage? This is usually shortened to Non-QM, and it simply means that the loan does not conform with the rules and regulations put in place by the Consumer Financial Protection Bureau, usually shortened to CFPB. What are the differences between a QM and Non-QM mortgage, and which one is right for your needs? A…