Despite the continued tightening of the credit markets, there are still mortgage programs available for self-employed borrowers who have trouble sufficiently documenting their income. This is despite the unfortunate past abuse of low-documentation programs by loan officers, consumers, and real estate agents. These programs are available on a brokered basis, and are subject to guideline changes.
Stated income programs are available typically at a 65% or even 60% loan to value currently. This means maximum financing on a 500k property would be 325k. Purchases and refinances are available. Be prepared to show liquid assets, a 2 year history of being self-employed(and in some cases a corporate structure rather than just a 1009). Lower documentation programs are available at lower loan to values and increased rates.
These programs are available in CT, NJ, parts of Eastern PA, and in parts of NY. For customized quotes or to see if you qualify, please contact me via email or by phone. Typical rates for these programs are now in the mid 5% to mid 6% range.
Michael Byrne
Gateway Funding
800-999-2489 x7972 office
908 531 6170 Cell
mbyrne AT gfhomeloans.com
www.refi-fhasecure.com
www.mortgageprosoforum.com
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