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Self Employed Mortgages: Finding Mortgages for the Self-Employed
Are you thinking about starting your own business but are fearful of future consequences, such as being able to get a mortgage loan? Or maybe you already are self-employed, but are wishing to finally purchase a house. Although it used to be very difficult for a self-employed person to get a loan, mortgage lenders realized this unfair policy and took steps to crate a variety of loans especially for people in this category. Now mortgages for the self-employed are possible and quite easy to obtain.
The first type from which you can choose is the No Doc Loans, which require no documentation, income, asset, or employment verification. This loan is perfect for the self-employed because it is based on the value of your home and the quality of your credit score. The lender does not need your tax returns, W2s, pay stubs or bank statements. The No Doc loan is available with an interest only option; however, there is no prepayment penalty. With most mortgages for the self-employed, you must be able to document that you are indeed self-employed. With this, the mortgage can be closed within forty-eight hours.
When searching for mortgages for the self-employed, it is important to remember the role your credit plays in loan approval. Another possibility is the 100% No Doc Loan which is available for those with a 680 or better middle credit score. This loan even applies to first time home buyers. No down payment is required; however, it does have a payment shock limitation. This means that your monthly payment is going to be limited to twice your current rental or mortgage rates. You will need to supply two canceled checks, unless you have higher than a 720 or higher middle credit score.
If you have a great credit history, but cannot or do not want to verify your income or assets, mortgages for the self-employed are a little more accessible. The 5% No Doc Loans offer a good rate on a “piggy back” or a No Doc Loan. It will require a rental or mortgage history, five percent down, and a 680 or better credit score. If you are self-employed, a letter from your CPA verifying the existence of your business for at least two years definitely helps your chances, as does a proof of a business license.
There are many other ideal mortgages for the self-employed such as Jumbo and Super Jumbo No Doc Loans, No Doc Cash-out Refinance Loans, Stated Income Loans, Interest Only Stated Income Loans and more. Mortgage brokers have taken time to create loan packages of all variants for the self-employed. Research each type carefully and you are guaranteed to find one that will work best for your particular situation.
Whether you need a super jumbo loan or a small interest only loan, MyMortgageBroker.com is a direct lender that offers many different types of loan products nationwide. MyMortgageBroker.com will give you an advantage with their ability to approve and fund loans quickly.
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