Are You Self-Employed?
Do you ever feel penalized for your self-employed status? You earn good money, pay your bills on time, yet still face rejection when applying for a loan?
As a 1099 Independent Contractor since 2005, I deeply understand the unique challenges of securing a mortgage when you work for yourself.
Why is it Hard for Self-Employed People to Get Loans?
For freelancers and self-employed workers, securing a loan can be a real challenge. In the aftermath of the 2008 financial crisis, lenders and banks tightened their lending criteria, making it especially difficult for those without a traditional, steady paycheck.
The self-employed face the harshest blow from these strict actions, as their varying income levels tag them as higher-risk clients in the eyes of financial institutions. Lenders are wary of the unpredictable cash flow that often comes with self-employment, and they require extensive documentation to assess creditworthiness.
#1 factor for someone self-employed being denied a loan is proof of income. Many self-employed individuals claim significant deductions on their tax returns, which can make their actual earnings look lower than they are in reality. This makes it challenging to demonstrate the true level of income needed to qualify for a loan.
Get Your Loan Approved Today!
Loan Amounts
Min $125,000 up to $3,000,000
Credit Score
Minimum 660 / 20% down payment
Self-Employment
Minimum 1 Year, Better pricing if 2 Years
Debt To Income
Max 49%
Down Payment
Min 10% with 700 credit score
Amortized
15-40 year Fixed
The Bank Statement Loan Blueprint