Self Employed Loans
Self-employed home loans, also known as non-QM loans, are designed for borrowers who may not meet traditional lending requirements. They account for income that can fluctuate and be harder to document. These loans typically require a larger down payment and a higher credit score, but offer more flexible qualification.
Borrowers may need to provide additional documentation such as bank statements, profit-and-loss statements, and tax returns. These loans give entrepreneurs and freelancers a path to homeownership.
Self Employed Loan Characteristics
Designed for self-employed borrowers or those with irregular income
Typically require a larger down payment and higher credit score
May require bank statements, P&L statements, and tax returns as proof of income
More flexible qualification than traditional loans
May carry higher interest rates than traditional loans
Usable for a primary residence, vacation home, or investment property
A homeownership path for entrepreneurs and freelancers who do not fit traditional requirements
5) Conventional loans offer options for fixed or adjustable interest rates
6) Conventional loans can be used to purchase a variety of property types, including single-family homes, multi-unit properties, and condominiums
7) Conventional loans do not require mortgage insurance if the borrower puts down at least 20% of the purchase price
8) Conventional loans offer options for refinancing, including cash-out refinancing and rate-and-term refinancing, which can help borrowers lower their monthly mortgage payments or access equity in their home.
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