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Self Employed Mortgage Programs Abound
Self Employed Refinance Programs
(also known as stated income and no doc loans)
Self employment mortgage programs built by lenders are designed to service the 1.4 million self-employed Californians. These specialized loan programs are created to make easy work of creditworthiness, income, and asset issues. Mortgage programs for the self employed feature:
Limited or no income and asset verification; W-2s, pay stubs, 1040s and Profit and Loss statements are not required. Some programs ask for - three months of bank statements, and verification of deposits with a three month average.
All levels of credit qualify; these include impaired credit, less than perfect credit, bad credit, fair credit and good to excellent credit
Mortgage financing for self employment mortgages can be up to 100% financing.
Debt ratios can be much higher; these programs reflect the fact that lenders understand you are in business for yourself, and may have much more at risk as you grow your business. This includes increased use of credit and leveraging your assets.
You may have substantial amounts deducted from your income tax returns. So-called 'Stated income' programs allow you to 'state' the income that will qualify you for the loan. The difference in rates from a typical mortgage can be one-half point (0.5%)
No income restrictions.
Loan amounts up to $1.5 million. (Jumbo rates apply over $240,000.
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If you are self employed or own a business in Southern California and need a cargo van or utility vehicle for your business, contact www.FAMvans.com.
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