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SELF EMPLOYED PROGRAMS

Same as Conventional or FHA loans, but income needs to be verified with tax returns or in some cases bank statements.

In cases where borrower shows little or no net income, we have mortgage programs that do not require income or asset disclosure. (excellent credit needed)

80 / 20 Financing

Another no money down option is obtaining an 80% first mortgage and a 20% second mortgage. Closing costs can be built into the purchase price. Therefore, "No Money Down" is required from the borrower. Also, this program does not require mortgage insurance.

• The borrower needs a minimum credit score of 520.
• Bankruptcies must be discharged 18 - 24 months.
• Interest rates are credit score driven. The higher the credit score the lower the interest rate.

Borrowers with credit scores > 680 have an interest only option. A borrower can obtain an 80% 1st Home Equity Line of Credit and put a 2nd 20% Home Line of Credit. Both loans are interest only. These loans offer a full documentation option for the self-employed borrower. They qualify the borrower on the "interest only" payment. This really decreases the income needed to qualify for some very large loan amounts.

Flex 100

 
This option is also 100% financing, however, the borrower must have 3% into the transaction. Note that this 3% can be gifted from a family member or fiance or even be a grant from an employer, non-profit organization or government agency.

Interest Only Arms & Fixed Products

Perfect products for borrowers entering into a "step-up" home. Most of the homes equity gained in the early years of a mortgage is through appreciation and not principal reduction.

The borrower only has to qualify for the "interest only" payment allowing the homeowner to afford a more expensive home. This can allow a self-employed borrower to possibly qualify for a home with full documentation rather than a "stated" or "no income" type program.

These products apply to A paper and subprime loans.

Necessary Credentials for Self-Employed Programs:

• No Documentation Programs
• Credit Score Minimum of 660
• Job History Minimum of 2 Years (must be same line of work)
• You Are Not Required To Claim Any INCOME
• You Are Not Required To Claim Any ASSETS
• 10% Down Payment Source Not Documented (may come from anywhere)
• Interest Rates Only Slightly Above 30 Year Fixed Conventional Rate.

Full Documentation Programs

• Credit Score Minimum of 660
• Job History Minimum of 2 Years (must be same line of work)
• 2 Years Tax Returns Required
• 2 Years Business or Personal Bank Statements