The 14 million people in this country who work for themselves have at least one thing in common: It is tough to get a self employed mortgage loan. At least it was until the mortgage professionals at MortgageDepot stepped up with three programs to make it possible for people without traditional sources of income to obtain financing.
Navigating the mortgage process when you are self employed
Obtaining financing begins easily enough for all borrowers with completion of a mortgage application. Submission of the application puts it into the hands of an underwriter, but this is where people applying for a self employed mortgage usually run into problems with lender guidelines and the documents needed to prove income.
Self employed applicants can be at a disadvantage because they do not have paychecks or W-2 forms and must scurry to gather financial statements, tax returns and other documents to prove the amount of income they earn. We’ve introduced the following loan products with self employed borrowers in mind:
The MortgageDepot Bank Statement Program
If you are self employed, our bank statement program is designed to streamline the underwriting process for you by offering three options for proving income:
- Profit and loss statement supported by bank statements from borrower’s combined business and personal account
- Statements from separate personal and business accounts used to prove income
- Business banking statements supported by a profit and loss statement
One of our professionals can help you to decide which option works best for you.
Our stated income mortgage alternative
We’ve found a self employed mortgage program that eliminates practically all of the income documentation required under conventional loan programs. If you are not working in a traditional job in which you receive a paycheck, all we require of you is a completed mortgage application and a credit report. The process is fast and can be used to finance residential and commercial properties.
We offer Innovative an innovative loan product for non-traditional income streams
You might be one of the many people earning a living from investments. Underwriting guidelines created problems for people with unconventional income sources, but we have the solution with our Asset utilization Loan Program. New guidelines allow underwriters to take into consideration the total of all of your assets and impute an annual rate of return to be used to increase your annual income.
Contact us today for more information
The only way to find out which of our self employment mortgage programs is the right one for you is to contact us at (800) 220-LOAN. A MortgageDepot professional is waiting to assist you.
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