If you’re self-employed and looking for a home loan, check out our Income Express loan. This is a unique mortgage product designed exclusively for the self-employed borrower. That includes freelancers, independent contractors, and owners of small unincorporated businesses as well as others.
Capital Mortgage Advisors understands the challenges and needs of the self-employed borrower. You work hard for your money, and you shouldn’t have to spend more than other borrowers just because you don’t get a W-2 at the end of the year.
What are the challenges of getting a self-employed home loan?
People who are self-employed often have to provide more proof of income than people whose employers issue W-2s. In other words, an employed borrower simply shows their W-2s, their credit report, and a copy of their bank statements, but a self-employed borrower may have to bring years worth of tax returns, business profit-and-loss statements, and other documentation.
Borrowers also tend to have stricter requirements for self-employed home loans. While they may be fine with a traditional employee only being at their job for a couple years, they may require the self-employed borrower to have five or more years of business experience.
Can you get self-employed loans with no proof of income?
Many lenders are reluctant to provide conventional mortgages to the self-employed, so they push these borrowers to low- or no-documentation loans. The benefit of these mortgages is that they are self-employed home loans that don’t require proof of income. But the drawback is that they have higher interest rates than conventional mortgages.
In most cases, that forces self-employed borrowers to trade long term financial security for convenience right now. Keep in mind that an extra interest point or two can add tens of thousands of dollars to the final price you pay over the years. To avoid this trap, you may want to look at our Income Express loan when choosing your Atlanta mortgage.
Why an Income Express loan?
An Income Express loan makes it easier for self-employed borrowers to obtain a better interest rate. This Atlanta mortgage requires borrowers to provide either 12 or 24 months of personal or business bank statements to verify their income. On top of that, borrowers can apply for an Income Express loan as soon as day one out of bankruptcy. Most mortgages don’t have that much flexibility.
What are the Income Express requirements?
If you’re looking for self-employed loans with no income proof required, you may want to check out an Income Express Loan. Although it requires some proof of your financial situation, it doesn’t require that much. Here are the other requirements you need to meet if you want to borrow between $75,000 and $1.5 million:
- If you have a credit score of at least 640, you need to provide 24 months of bank statements.
- If your credit score is at least 680, you only need to provide 12 months of bank statements.
If you would like to explore self-employed home loans or other Atlanta mortgage products available from Capital Mortgage Advisors, please call us at 800-859-5648. One of our experienced mortgage specialists will contact you. You can also fill out the form below to learn more.