Today more and more borrowers are self-employed. Whether it’s due to the downsizing of many companies or just the desire to be their own boss, these borrowers put themselves in charge. Where it may hurt them, though, is with a loan application. Many lenders have stricter requirements for people that Read more
What is a Portfolio Loan?
When you think of a mortgage, you likely think of conventional loans. These loans are written and funded by a lender, but then sold to a secondary market entity, such as Fannie Mae or Freddie Mac. Your loan servicer might remain the same, but the entity that actually owns the loan doesn’t remain the Read more
Self-Employed? Here are the Documents Lenders Require for Approval
You own your own business and couldn’t be happier. You are in charge of your income and don’t have to answer to anyone. That all changes when you want to apply for a mortgage. Lenders look at self-employed borrowers as riskier than those employed by someone else.Looking for Current Mortgage Read more
VA Loan Requirements for Self-Employed Veterans
Self-employed veterans have the same home loan benefits as an employed veteran. The difference is in the requirements. Lenders have to be a little stricter with the self-employed borrower because of the risk they pose. Working for yourself might be a part of the American Dream, but it’s a high risk Read more
The Steps to get a Mortgage if You are Newly Self-Employed
Being self-employed has its challenges both in the office and when trying to get a mortgage. Even if you are making a decent living for yourself, your lack of a consistent salary could make it a little more difficult to secure a mortgage.Compare Offers from Several Mortgage Lenders.This Read more
