Self Employed Home Loans
Self-employed home loans, also known as "non-QM loans," are a type of mortgage designed for self-employed borrowers who may not meet the traditional lending requirements. These loans take into account a borrower's income, which may fluctuate and can be difficult to document. Self-employed home loans typically require a larger down payment and a higher credit score than traditional loans, but they offer more flexible qualification requirements.
Self-employed borrowers may also need to provide additional documentation to prove their income, such as bank statements, profit and loss statements, and tax returns. Overall, self-employed home loans provide an option for entrepreneurs and freelancers to achieve homeownership, even if they don't meet the traditional lending requirements.
Self Employed Loan Characteristics
1) Self-employed home loans are designed for borrowers who are self-employed or have irregular income
2) Self-employed home loans typically require a larger down payment and higher credit score than traditional loans
3) Borrowers may need to provide additional documentation to prove their income, such as bank statements, profit and loss statements, and tax returns
4) These loans offer more flexible qualification requirements than traditional loans
5) Self-employed home loans may have higher interest rates compared to traditional loans
6) These loans can be used for various purposes, including purchasing a primary residence, a vacation home, or an investment property
7) Self-employed home loans provide an option for entrepreneurs and freelancers to achieve homeownership, even if they don't meet the traditional lending requirements.
5) Self-employed home loans may have higher interest rates compared to traditional loans
6) These loans can be used for various purposes, including purchasing a primary residence, a vacation home, or an investment property
7) Self-employed home loans provide an option for entrepreneurs and freelancers to achieve homeownership, even if they don't meet the traditional lending requirements.
Disclaimer: Johnnie Fleming, NMLS #1177346. NEXA Mortgage LLC, Corporate NMLS #1660690. AZMB – 0944059.
Corporate Address: 5559 S Sossaman Rd, Bldg #1 Ste #101, Mesa, AZ 85212.
NEXA Mortgage LLC is an Equal Housing Lender.
NMLS Consumer Access: https://nmlsconsumeraccess.org/
This website and its content are for informational purposes only and do not constitute an offer to lend or a commitment to lend. Loan approval is subject to credit approval, underwriting, and program guidelines. Rates, terms, and fees are subject to change without notice and may vary based on loan program, borrower qualifications, and property characteristics.
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