Mortgage Loans for Self-Employed Home Buyers

 

 

Self-employed home buyers can achieve the American Dream of Homeownership.

Whether you operate as a limited liability company, a sole proprietor or as an independent contractor, you might qualify for a home loan.

Reputable lenders offer affordable mortgage loans for self-employed home buyers.

 

How Can I Get a Mortgage Loan if I am Self-Employed?

Many entrepreneurs are reluctant to apply for a mortgage loan.

Myths and misconceptions are largely to blame for business owners who are hesitant to discuss home buying with a mortgage loan officer.

Some financial institutions are guilty, too.

The lending guidelines for self-employed applicants are very strict at some mainstream financial institutions, such as banks, credit unions and mortgage companies.

Abo Capital is a premier resource for self-employed borrowers who are denied financing via local banks.

Yes!

You can get a mortgage loan while self-employed, if certain qualifications are met.

 

Loan Requirements for Self-Employed Mortgage Applicants

Essentially, your loan requirements will vary among mortgage lenders.

However, there are certain items that most lenders require self-employed applicants to provide, such as a thoroughly completed loan application, your articles of incorporation, bank statements, tax returns or a letter from your tax preparer.

As a self-employed borrower seeking a mortgage loan approval with non-traditional income sources, you’ll need an above-average credit score.

Depending on the lender and the type of home loan, you may need a down payment that’s between 10% and 20% of the property’s selling price.

Speaking with a licensed loan officer is the best way to determine the specific requirements for self-employed borrowers.

 

 

Bank Statement Mortgage Loans for Self-Employed

Unlike individuals who are employed, entrepreneurs use portions of their earnings toward personal and business expenses.

In many instances, a large portion of an entrepreneur’s earnings are written off to a degree, that a minimal amount gets reported as taxable income.

When a business owner reports a low income, there might not be a sufficient amount of money to prove affordability for a home loan.

Abo Capital offers bank statement mortgage loans for self-employed home buyers.

With 12 to 24 months of bank statements, your average monthly deposits may be used for income purposes.

 

Best Mortgage Loans for Self-Employed Borrowers

Favorable loan terms are available for borrowers with excellent credit.

If your credit score is in the 700’s and you have fairly consistent bank deposits, you might qualify for some of the best mortgage rates for self-employed borrowers.

Every lending scenario is different.

Therefore, it makes sense to inquire about mortgage loans for self-employed borrowers in California.

When searching for the best home loans for self-employed borrowers, it’s wise to speak with a loan officer at Abo Capital.

Let’s see if you’re qualified to buy a home today.

We’ve even made private mortgage loans for self-employed home buyers.

Contact Abo Capital for more details.