Back from the grave, the mortgage industry has re-created mortgage loans that rely primarily upon your credit scores and assets to assess your ability to repay debts. The primary category of loan programs that will help you qualify for mortgage financing when you can not show much income are called Stated Income Loans. Although the True Stated Income Loans of yesteryear are no longer available, today’s stated income loans have reinvented themselves as “Bank Statement Loans and P&L Loans also known as Profit and Loss loans.”
Bank Statement Loans are for those home buyers and business owners that do not have enough verifiable income through traditional tax returns to get a standard home loan. With decent credit and a strong down payment, stated income mortgage loans are very useful for the self-employed.
Mortgages for the Self-Employed Small Business Owner
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?”
Fairfax Mortgage Investment is the lender you need for self-employed mortgage loans. There is no middle man with us. If you have questions just ask! As one of the top mortgage brokers in Virginia; Fairfax Mortgage Investment offers stated income loans for the self-employed home buyers throughout all areas of Virginia.