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Self employed individuals often ask …
“Why is it so difficult to qualify for mortgage financing?”
“I have a business that is thriving, and I take the deductions that are allowed. After taking the allowable deductions my net income is not sufficient to qualify for a mortgage."
“What do I need to do to qualify for a mortgage?”
As one of the top mortgage brokers in Virginia; Virginia Mortgage Bankers, LLC offers self employed mortgage loans throughout
all areas of Virginia. The mortgage industry has created mortgage loans that rely primarily upon your credit scores and assets to assess your ability to repay debts. The primary categories of loan programs that will help you qualify for mortgage financing are listed below.
Types of Self Employed Home Loans
There are several types of home loans for self employed home buyers. Each one carries different rates, documentation requirements and down payments.
Stated Income Loans- You simply state your income on the application. Your employment is verified, but not your income. The lender will review your credit history, and verified assets to determine if these figures are consistent with the information that you provided.
No Ratio Loans - This type of loan program will review credit scores, employment history, and the assets of the applicant. No income is stated, and no debt/income ratios are calculated. This loan program is designed for individuals that have significant income, but due to lender underwriting requirements and accounting practices, the applicant’s debt to income ratios are too high for a conventional loan.
No Income/No Asset Loans - NINA loans are underwritten based upon the employment history and credit scores of the applicant. This type of financing may have restrictions on the type of property and loan to value of the property. (LTV).
No Doc Loans - With this type of loan only the applicant’s credit scores, and the property loan to value (LTV) are evaluated as conditions for loan approval. This type of program will generally require significant equity in the property for a refinance, or a large down payment as a purchase transaction. No doc loans are one of the more expensive types of financing options.
Your Resource for Self-Employed Mortgage Loans
Virginia Mortgage Bankers, LLC is the lender you need for self employed mortgage loans. With our network of over 300 mortgage lenders you can be assured your getting the best rate for your self employed mortgage loan. If you have questions just ask!
You may contact us at Virginia Mortgage Bankers, LLC for your questions on self employed mortgages by email, phone or by appointment in our office. Start now by filling out our
secure online application for self-employed mortgage loans! Call us at
(804)282-8808, Monday through Friday from 9 a.m. to 5 p.m. Eastern time!
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