Mortgage Loan Options for Self-Employed Buyers
Self-employment can be a great journey. Being responsible for your own success and forging your own path is scary and empowering in equal measure. But it can cause issues when it’s time to buy property. Getting a mortgage as a self-employed individual is often seen as a challenge, however, Brian Decker mortgage solutions understand, and have several options available to help.
What is a Stated Income Loan?
When applying for a mortgage, individuals who earn non-standard income through self-employment or investments may find that traditional loans are ill-suited for them. In such cases, stated income loans are great alternatives. Rather than risk rejection due to misrepresented income information, loan seekers can instead apply for a stated income loan.
The Benefits of No Ratio and No Income Loans
Conventional mortgage loans are arguably the most popular choice for financing the purchase of housing, however, there are other alternatives that can be beneficial for select individuals. No-Ratio or No-Income loans allow applicants to apply for a loan without requiring the submission of income or debt documentation.
Asset-Based Mortgage Lending
Obtaining a mortgage or other loans can be difficult for individuals who earn a majority of their income through various assets. In addition to a stated income loan, there are other options for individuals whose investments account for a substantial percentage of their income.
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