Find out how self employed borrowers are qualifying for home loan
Good news! You can still qualify for a mortgage loan even if you declare negative income on your federal income taxes. At Leverage Lending, our 12-month bank statement loan program does not require any federal income tax returns for verification. Instead, we factor in all the deposit amounts accumulated in your bank statements minus an expense factor over the last year to calculate your income. Our Bank Statement Loan program does not require Private Mortgage Insurance (PMI) and there is no maximum loan limit. Borrowers can apply from $250,000 and up to $10,000,000. However, a downpayment of between 10-20% will be needed to qualify. The down payment and mortgage rate are based on your credit score.
Self-employed borrowers only need to provide the following documents:
Benefits of Bank Statement Loans include:
Bank Statement Loans can be used to purchase the following properties:
Scenario examples of potential borrowers
Scenario # 1: A husband or wife is self-employed and their spouse is a w2 employee
Scenario #2 Both borrowers are self-employed for at least two years in separate businesses
If you're interested in financing a second home, a short-term rental or Airbnb please click the link below to start your journey today!