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?

Answer: No.

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?

Answer: Yes.

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?

Answer: No.

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