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Self Employed Borrowers

If you are self-employed and you are unable to qualify for a mortgage based on using the last 2 years of your individual income tax returns, you may be able to qualify for financing under the Alt-QM model. We are approved with numerous lenders who offer loans to self-employed individuals if you can document your income with 3 months bank statements, 12 months bankstatements, or 24 months of bank statements These must be analyzed to compute the income for the business.

Lenders offering these programs will use 100% of deposits if personal bank statements are used. If a business bank statement is separate from the personal bank statment, a percentage of the average deposits will be used. This percentage varies from lender to lender but is usually in the range of 50%-70% of the average deposits. All transfers between accounts are backed out along with any other items such as purchase returns and items which clearly have nothing to do with the business activity. If it is a joint bank account, payroll deposits from the other individual will be backed out.

Presently rates on these programs are good and lender credit is even available to help pay for closing costs. It's possible to get an APR of 4.2% on a 30 year fixed on a loan size of $200k and also receive a lender credit. For specific information about your loan, please complete our mortgage quote form.

Although rates are higher on these types of loans, they are a higher risk type of loan for the lender. Interest only is available on these bank statement qualifying loans which can help to lower your monthly payment if that is your goal. These loans are normally available on a 30 year term only.

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