MortgageDepot built its reputation as a leading mortgage broker company through hard work and a commitment to finding the right loan product tailored to the needs of each of our borrowers. Many of our self-employed borrowers find it difficult to obtain financing by being unable to provide the documentation of income, such as W-2s and income tax returns, to satisfy the underwriting guidelines imposed by other lenders. We have the solution for self-employed borrowers with our lite-doc loan program.
MortgageDepot offers financing for the self-employed
Self-employed borrowers may not have the tax returns, W-2s, paystubs and other proof of income that salaried employees have readily available to furnish to lenders. Our lite-doc loans offer the ideal option for any of the following categories of workers:
- Owners of retail shops and other types of small businesses.
- Owners of restaurants.
- Licensed real estate agents and brokers.
- Drivers for Lyft and Uber.
- Taxi and limousine drivers.
- Barbers and hairstylists.
- Licensed professionals, including attorneys and doctors.
Borrowers needing flexibility in the application, documentation and underwriting processes that other lenders are unable to provide find it with the lite-doc loan program offered by MortgageDepot.
Solutions for borrowers lacking conventional documentation
Our lite-doc loans offer the perfect solution for self-employed borrowers who may have good credit scores but lack the proof of income demanded by banks and other lenders. All we ask is that a borrower be self-employed for a minimum of one year and engaged in the same line of work for at least two years. For example, a taxi driver who quits after a year of driving for a cab company to drive for Uber and Lyft for a year would be eligible to apply for our lite-doc loan.
Borrowers must provide us with an earnings statement or earnings report for the last 12 months at the time of application. Unlike other loan programs, applicants for lite-doc loans need not produce 12 months of bank statements in order to prove income.
Contact us today
At MortgageDepot, our loan officers understand the challenges faced by self-employed borrowers and work hard to provide solutions. Our lite-doc loan program recognizes that someone with good credit should not be denied the opportunity to borrow money on fair terms because of an inability to conform to conventional underwriting guidelines.
Find out more about our lite-doc loans by contacting one of our loan officers.