Self Employed Home Loans
Self-employed home loans, also known as "non-QM loans," are a type of mortgage designed for self-employed borrowers who may not meet the traditional lending requirements. These loans take into account a borrower's income, which may fluctuate and can be difficult to document. Self-employed home loans typically require a larger down payment and a higher credit score than traditional loans, but they offer more flexible qualification requirements.
Self-employed borrowers may also need to provide additional documentation to prove their income, such as bank statements, profit and loss statements, and tax returns. Overall, self-employed home loans provide an option for entrepreneurs and freelancers to achieve homeownership, even if they don't meet the traditional lending requirements.
Self Employed Loan Characteristics
1) Self-employed home loans are designed for borrowers who are self-employed or have irregular income
2) Self-employed home loans typically require a larger down payment and higher credit score than traditional loans
3) Borrowers may need to provide additional documentation to prove their income, such as bank statements, profit and loss statements, and tax returns
4) These loans offer more flexible qualification requirements than traditional loans
5) Self-employed home loans may have higher interest rates compared to traditional loans
6) These loans can be used for various purposes, including purchasing a primary residence, a vacation home, or an investment property
7) Self-employed home loans provide an option for entrepreneurs and freelancers to achieve homeownership, even if they don't meet the traditional lending requirements.
5) Self-employed home loans may have higher interest rates compared to traditional loans
6) These loans can be used for various purposes, including purchasing a primary residence, a vacation home, or an investment property
7) Self-employed home loans provide an option for entrepreneurs and freelancers to achieve homeownership, even if they don't meet the traditional lending requirements.
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.Scenic City Mortgage Team. - NMLS# 12007 | 1208 Pointe Centre Drive, Chattanooga, TN 37421
LeaderOne Financial Corporation 7500 College Blvd Suite 1150, Overland Park, KS 66210, NMLS#12007. You may view our license information on the Nationwide Mortgage Licensing System (NMLS) at www.nmlsconsumeraccess.org. LeaderOne Financial Corporation is licensed by Alabama State Banking Department, Consumer Credit License #21517. The Florida Office of Financial Regulation, License #MLD446. The North Carolina Commissioner of Banks Office. License #L-186257. A Georgia Residential Mortgage Licensee, #33522. The Tennessee Department of Financial Institutions #116991. This advertisement does not constitute a loan approval or a loan commitment. Loan approval and/or loan commitment is subject to final underwriting review and approval.