Frequently asked questions on self-employment home loans or stated income loans.
Question: How good does my Credit have to be?
Answer: You need a minimum credit score of 600 to be eligible for a stated income self-employment home Loan. Past credit issues may be okay
Question: How much can I apply for?
Answer: Home loans up to $3 million and a minimum of $150,000.
Question: Is there a prepayment penalty?
Question: What if I have had a foreclosure in the past?
Answer: Foreclosures, short sales, bankruptcies, deed in lieu, are all okay with letter of explanation, some limitations apply.
Question: Can I purchase a townhouse or condominium?
Answer: Non-warrantable condos are considered but townhouses and 2 to 4 unit condos and multiplexes are eligible.
Question: Can I use this for a home equity loan?
Answer: No, only for purchase or refinance.
Question: How fast is the closing?
Answer: Closing time can be in as little as three weeks.
Question: How do you calculate my income?
Answer: Qualifications are based on 12-24 average monthly deposits either through business or personal bank statements.
Question: Our interest-only loans available?
Question: Can I use this for an investment property?
Answer: Yes, owner-occupied, second homes, and investment properties allowed.
Question: Do you need my W-2s or tax returns?
Answer: No, we can use either personal or business bank statements.
Question: Will I have a higher interest rate?
Answer: We use competitive rates starting at 3%.
Question: How much down payment do I need?
Answer: As little as 10% down for purchase with no mortgage insurance.
Question: do I have to be 100% the owner of the business?
Ready to apply? Call me today for more information or
verify your current rate today.
The post FAQ for Self Employed Home Loans appeared first on My Lender Jackie