3 New Home Financing for Self Employed available now!
What Is Alternative Lending for home financing for self employed? And What Does It Mean Today.
Don’t get strapped into the NO territory!
We’re not aware of any other way to get financing for self-employment than through these loans, which are the newest great news in 2022! The banks were hesitant due their fear that “Federal Watch Dogs” would not approve them on secondary market. Later changes from Feds policies allow large institutional investors release funds so they can be available only wholesale and correspondingly.
But if you want a quick fix around your house or business needs then don’t worry; we’ve got some solutions here at Premier Home Financing . We make it easy as pie with our no credit check program–you may qualify even without perfect scores because nothing matters more than what’s right under those inches
Are you a Self Employed individual?
Self employed borrowers are allowed deductions on their tax returns to minimize liability. At times, the income stated will not qualify them financially for what they want in terms of purchasing property or even renting out space within one’s home; but this doesn’t mean it cannot be done! The thought of being self-employed is exciting, but it can also be a challenge. As we know that all borrowers need tax deductions to help pay off any outstanding debt and minimize our liability in taxes; however when an individual works as opposed to owns their own business they may not qualify for certain loans because there could never seem enough income on hand even if you were maximizing every possible opportunity!
Solution
An alternative to taking out a traditional loan for home financing, which would require the borrower’s income be verified with documents such as 1099 IRS form submissions or bank statements is an option where self employed people can use their own personal accounts in order establish how much money they make every month.
There are three major self-employed programs.
- One or two year of your IRS form 1099. This home financing for self employed, option uses the gross income as stated on the 1099 IRS tax form. It is very similar with a W2 full documentation program, but is destined to Home financing for self employed only. A verification of self employment is a requirement, such as business license, or a DBA, and an establishment of the business for the past 2 years.
- One or two year bank statement. The non-traditional way to get a mortgage is by using your personal or business account submissions. This option has been around for quite some time, but it may be worth considering if you’re self employed and not able (or willing) to provide traditional employment documentation like W2s.This program uses the bank statement deposits for the last one or two years for either personal or business. It averages the income of the two years and uses up to 80% of the self employed gross income.
- VOE (verification of Employment)- This home financing for self employed option is requiring as stated earlier, a verification of employment (VOE) and for income calculation a two month bank statement only.
- A variation of the three mentioned programs as a hybrid to document employment and income is also an option.
Real Estate Investor?
Depending on the borrower’s unique situation, they may not have the employment or tax documentation to qualify for an Agency loan. Fannie Mae has tightened guidelines for second home and investment loans. Other situations include limits on the total number of properties, non-warrantable condos, and if a rental property is held under an LLC.
Solution
The easiest solution can be a cash flow loan such as Investor Cash Flow loan or (DSCR in Mortgage terms). This loan is based on a rental analysis to determine cash flow and does not require employment or tax information. It is easy to do and quick to close working with us.
Lots of Assets, No Cashflow ?
Liquid assets can be used; stocks, bonds, mutual funds, vested amount of retirement accounts, and money market accounts.
Asset Qualifier loan product is available for self employed borrowers to qualify using their liquid assets. This self-employed financing option does not require employment, income. Borrower can qualify based on required assets that meet seasoning requirements. We have helped retirees, underserved self-employed, divorced with no income, and other borrowers with qualifying seasoned assets to purchase or refinance.
Solution
Qualify with just assets or use to supplement other income types Ex. $300,000 in qualified assets = $5,000 additional monthly income. This easy to close loan is another solution helping borrowers achieve their home loan needs, otherwise not fit under the conventional financing guidelines.
Some of the Home Financing Self-Employed program features
The use of this loan is a great way to get the home you’ve always wanted without going through all those rigorous processes that come with owing traditional financing institutions. Plus, there are no worries about your income being verified because it’s perfectly legal to use any IRS forms or proof of income! So what do ya say? Let us take care everything for ya so focus on living life like never before
- Purchase or Refinance
- Primary, second home, or investment property
- Minimum loan amount $100,000
- Maximum loan amount $1,500,000-$3 million ( program dependable*)
- Minimum Fico scores are in the Low 640’s
- No IRS Tax returns required, No IRS 4506 form
- 12 mo. personal or business Bank Statement ( Self Employment)
- No proof of Income or Job verification is required for Investment
- 36 mo. of seasoning required for Assets ( asset loans)
- Low cost, and low-interest rates**
- Fast closing in less than 30 days!
Don’t be left in the past
Discover below how to qualify for these programs
* Each loan has different features. Loan programs, loan features not limited to loan amounts and rates subject to change without notice.**MAX loan amount is limited or determined by the type of program, down payment, and credit score.
