I wish to barrow a little equity out of my home and have glorious credit. But self employed. Do they still have the settled income loans now, or is the law altered now?
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{ 2 comments… read them below or add one }
Self employed people still get loans, I am self employed.
You just need to make your statement with your federal income tax records.
Yes, self employed persons can still get loans. However, with most lenders, the maximum loan amount is 75% of the value of the home.
If you can prove your income using tax returns (the average of the past two years adjusted federal gross will be used for qualification), then you can go full documentation and will get a better rate as well.