Self Employed Home Loan Options

Services for Real Estate Pros with Eric J - Dream Home Financing

Self employed home buyers now have options to buy their dream homes. 

If you are self employed and looking for a mortgage, you probably thought there were no mortgage options for you. Maybe because you spoke to a local bank that only had the conventional products. You also possibly spoke to the person who your realtor referred you to. Unfortunately, those individuals do not have access to all of the self employed loan options either. If they do, it is possible they are limited. We can help you to get connected with self employed home mortgage lenders in your state.

If You are Self Employed and Cannot Document Your Income 

Can you provide 12-24 month's bank statements? If so, then the good news is we can find you a mortgage with just 10% down and at a reasonable rate. Your credit score can be less than 600 too. 

We can help answer any questions you may have or discuss your scenario if you are interested in finding out more.

If you are self employed less than two years and cannot meet the requirements above, we can still help you to get a self employed home loan but your down payment requirement will be much higher.


If You are Self Employed and Can Document Your income

If you are self employed and can document your income, here are the options we can help you with:  

  1. FHA Self Employed Mortgage
  2. VA Self Employed Mortgage
  3. USDA Self Employed Mortgage
  4. Conventional mortgages for self employed 

There are plenty of positives and negatives with these various programs. Some require more documentation than others. Some require higher credit scores. Some require mortgage insurance. Interest rates will vary. Either way, we can help you to figure this all out so you can make the best decision for yourself. 

Self employed mortgage lenders



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Comments (2)

William Feela
Realtor, Whispering Pines Realty 651-674-5999 No.

Those being self employed need to prepare way in advance.  Start by visiting with a loan officer.

Nov 25, 2018 03:51 PM
Eric J

I agree. In fact I just wrote an article for a realtor to post on his website about preparing for buying a home. I mention having an initial discussion with a loan officer about 9-12 months in advance.

Nov 25, 2018 04:51 PM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

There's no question that self-employeed folks need special care in obtaining mortgages.  

Nov 25, 2018 06:59 PM
Eric J

Absolutely Myrl.... It is impossible for them to qualify on the net income reported on their tax returns. You live in California and probably remember how difficult it was immediately after 2008. Since my company has been the hub for self employed individuals finding a mortgage, I was getting dozens of calls from people in CA who had no ability to buy a home. It negatively impacted the market too.

Nov 25, 2018 07:14 PM