use to be know as ‘no doc loans’
–looking for a home mortgage loan
–I know that these types of loans require a higher down payment, (like more than 20%) and come with higher interest rates,
–I’m self employed and would like to know if I can qualify for a mortgage without waiting 2 yrs for tax returns
Related posts:
- Stated income loans..?
- Bank wants income tax forms, is this still a stated income Mortgage?
- Has anyone heard that Stated Income (no income doc loans) are going away completely?
- Are Stated Income Loans for Self Employed Buyers Still Available?
- Recomendation for a mortgage company that does stated income loans?
{ 2 comments… read them below or add one }
conforming but only to a 75% loan on the sales price and with a 720 or higher score
Yikes, as a self-employed borrower you are naturally higher risk. If you’ve been self-employed less than 3 years, odds are you’re not making a profit and reporting losses to the IRS. Another strike.
Any lender who would give you a loan is probably about to go out of business or is very shady. Your best bet is to pay cash and then take out a HELOC once you have enough history to show that you’re making a profit.