Self-Employment & Stated Income Loans

There is a misconception about being self-employed and it being difficult to qualify for your own home. Being self-employed offers a lot of freedom; being your own boss, creating your own hours, and doing what you love and enjoy as a means of employment. It does not mean you cannot qualify for a home loan. In fact, there are many loan programs available that BlueGrey Mortgage can help you get qualified for.

Self-Employment Loan Programs

Bank Statement Loans
One such loan program is specifically designed to aid entrepreneurs, contractors, and other self-employed individuals—the Bank Statement Loan Program. Bank Statement Loans are conventional loans with fixed-rate interests and often provided with a 30-year term. Like conventional loans, they can be paid off early without any penalties and require a down payment of 20%.

Self-employed individuals may also qualify for other loan programs if they meet the requirements of the specific loan program as well as the below requirements.
Self-Employment Loan Requirements
A FICO of 680 or better; exceptions may be made depending on the loan program or additional down payment.
A debt-to-income ratio of less than 50%.
A loan to value ratio of 80%.
Stated Income Loans
Stated income loans have a maximum loan to value ratio of 70%, so they do require a larger down payment than other home loans. However, BlueGrey Mortgage can help self-employed individuals qualify quickly and easily if they meet these requirements:
A credit score of 700 or better
Have a high-earning revenue
Liquidated assets (e.g., cash savings)
Stated income loans are a type of “no-doc” home loans—requiring little to no paperwork to get the borrower qualified and the application started. Self-employed borrowers will need a good credit score and be able to show they are financially secure and can make a sizeable down payment of at least 30%. While income verification is not necessary for a stated income loan (e.g., w-2s or paystubs), bank statements are requested to show the borrower has a significant number of reserves.
Contact us to discuss loan options if you are self-employed or a contracted employee—going home isn’t out of your reach and we will help you get there.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin.
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