Mortgages for Self
Are you self employed and looking for a purchase or cash-out refinance? Can’t qualify with your tax returns?
Refinance or Purchase Mortgages with Limited or No Verified Income Check
It can be very difficult for self-employed people to qualify for a mortgage loan because business owners often have lots of write-offs or fluctuating income, and mortgage companies will deny the loan based on the income that is reflected on the tax return. There may also be further requirements that only apply with the individual self-employed borrower’s financial picture.
For alt doc mortgages the interest rate is a bit higher and a greater down payment may be required, but a slightly higher monthly payment is far outweighed by a business’s ability to get ahead and capitalize on business tax deductions. Proceeds from refinances can also be invested into your business.
Bank Statement Programs
For the self employed borrowers looking to purchase the most common way to get you approved is to use your bank statements over the last only 1 (our closest option to no income verified), 12 or 24 months and qualify you based off the gross deposits only. We can go as little as 10% down with no MI, no tax returns and no P & L. If you are looking to refinance we can do a complete stated loan option as well without any bank statements on a primary residence or investment prop. Additionally, we have foreign national programs without any income verification and asset depletion formula based lending for high net worth borrowers.
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Alt-Doc Mortgage Loans are Rare and Require a Specialist
First, these are very complicated products to navigate and only a specialist will be able to see this through completion. Second, a specialist who is truly on your side that represents many lenders will have the ability to know who has the absolute best rate in the market for you financial situation.
Don’t worry! Even though these programs are not part of the traditional market, every lender must be fully accredited and government-regulated. They carry verifiable NMLS numbers and are held to the same regulations as the most well-known banks. They utilize the same warehouse lines of credit as banks offering traditional loan products. Your legal protections as a borrower will never change.
Get Your Stated Income Mortgage Loan Approved
HP Mortgage is a full service brokerage with a broker-owner carrying 18 years of experience in mortgage banking. We have an expansive network of alt-doc mortgage lenders that we represent. We are experts on their guidelines and alt-doc mortgage lending. Unlike Conventional lenders, every alt doc lender has different guidelines and rates and every borrower’s situation is unique so we will fit you with the right mortgage product at the absolute best rate without wasting time and effort.
Work with a Premier Mortgage Broker
We are a top producer for many of our largest lenders, regularly picking up where other inexperienced loan officers attempted to put the loan through and failed. They clearly did not understand the guidelines and often put their client in a worse position. We see very negative consequences on a borrower’s credit, business income, taxes, placement of assets—not to mention time wasted—all based on bad or misleading advice given by someone who was not knowledgeable of the product.
Are you ready for an approval?
Below is a list of some of our available products:
- 30 year terms with no pre pay penalty
- 90 % LTV no MI (Can use 12-24 months of business or personal bank statements, or assets as income) No Tax Returns, No 4506T, and No P&L required.
- No income documentation owner occupied cash out.
- No pre-pay penalty on all programs.
- Interest only programs (self-employed only)
- Liquid assets to cover loan amount, no income required
- Foreign National Financing
- Refinance your hard money loan
Stated income loans have a bad reputation due to their abuse that contributed to the housing crash. The backlash from the Dodd-Frank Act to do away with these alternative loan types left non-traditional homebuyers without any options, which is really unfair. Not everyone fits into cookie cutter guidelines. Hardworking self-employed people and investors who risk their own capital should not be penalized for the bad actions of a few! Recognizing the gap in the market, some banks and lenders decided to restructure the programs and provide these loan types again within Dodd-Frank rules. These are not the toxic “liar loans” from years past, they are fully compliant with federal law so that both the borrower and lender are protected.
These loans are typically offered by small to mid-sized lenders who have specialty wholesale programs that do not work directly with the public. Your big name banks do not deal with these loans because the underwriting guidelines are so specific to each individual borrower, are not one of their portfolio products, and they are not sold to Fannie Mae and Freddie Mac. You need to work with a knowledgeable broker who will evaluate and expertly match your financial situation with the best specialty program that fits your needs. We are partnered with every wholesale lender and every program out there.
No! We have access to every program out there and will let you know right away if it can be done. Difficult loan situations are our specialty! Most of our clients are not who you would consider “ideal”. Most of the time they have called every bank out there and have just about given up before they find us. Every single day we deal with clients who have low credit, recent bankruptcy or foreclosure, fluctuating income, businesses less than two years old, divorce/alimony, and many other challenges. We have dealt with every scenario you can imagine. If the deal can be done, we will get it done!
You may have noticed that we don’t advertise any teaser rates on our website. Those are deceptive business practices and our pet peeve is hearing about people being bait-and-switched by other banks. There is nothing more important to us than ethics and doing right by our clients who we treat like family. There are no up-front fees or prepayment penalties and we have a responsibility to disclose everything to you up front. Especially when dealing with loan products that can be complicated, you need someone in your corner. People are pleasantly surprised at how affordable our programs really are!
Our goal is to put you in a house that you can afford and make you happy. We build personal relationships with each of our clients and we would never put your family or business in jeopardy. Our reputation is everything and every week we receive many referrals and repeat business from past clients. Please check out our testimonials page to read comments from some of our happy clients.
Not necessarily. We have many options to cover you in the meantime until we can get you approved. We have saved many purchase contracts and real estate investment deals from falling apart. We have saved people’s businesses from bankruptcy by getting cashout refinances done too. Again, we have access to every program out there and that includes bridge loans, hard money lenders and private investors, which are all lifesaving resources in the right situation.