Self Employed Loans

Many business owners and self employed borrowers face special challenges when seeking financing for a home. There are a variety of programs available to self employed borrowers and Advance Mortgage Lending, Inc. is proud to offer them all to our clients. Working with business owners and entrepreneurs is very exciting. We take pride in being able to offer aggressive loan programs to our self employed borrowers. Please read on as we dig deeper into the choices and special circumstances of the self employed and their loans…

 The Self Employed Loan

 Self employed borrowers are no more or less risky then salaried or W-2′d workers. The main challenge for the self employed is documenting work history and income. This is the biggest difference between a conventional borrower and a self employed borrower. How can self employed borrowers document their income and work history?

• Last 2 years personal and business tax returns

• Proof of 2 years self employed by showing either a business license or with a CPA letter

• Personal and or Business Bank statements

• Year to date profit and loss report

• Credit references if needed for business

 On a fully documented loan such as this the lender will consider the “net” income of the individual after deductions. This can be a challenge for some small business owners or startup companies.

 Other Options

Self employed borrowers have other options for getting their financing if they cannot use a full documentation loan. These include:

• Stated Incom

• No Doc

• 24 Months bank statements (alternative full document loan)

 

If you have additional questions or need assistance, please call us at 305-371-8181 or toll free at  855-224-3222.

 

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