Self Employed Home Loans In Silicon Valley
What is a Self Employed Home Loan?
Self-employed home loans are mortgages offered to individuals who own their own business and do not have proof of employment-based income. These loans require a significant amount of documentation and may not be as easy to qualify for as purchase loans, but they are the best option for homebuyers who don’t make their income through a traditional source.
Self Employed Home Loans VS. Non-QM Loans
People who are self-employed may want to take out a self-employed non-QM loan to purchase their new home. While not all non-QM loans are for self-employed individuals, they do fall under the same umbrella category.
Non-QM loans are an excellent option for those who may not be able to qualify for a qualified, conforming, or conventional loan that meets CFPB standards (including those sold or insured by Fannie Mae or Freddie Mac). These non-QM options are offered by lenders like us, who can help offer customized packages to fit your specific financial needs. With that said, Non-QM loans do follow regulatory guidelines and will always consider financial factors such as your cash flow, income, debt, and more.
Frequently Asked Questions About Self-Employed Loans
How to Get a Self-Employed Loan in Silicon Valley?
To qualify for a self-employed loan here in Northern California, you’ll need to provide us with several financial statements and other critical information. These items include:
- Showing stable and upward-trending income for your business. Of course, every company goes through up and down periods, but as long as you’re able to show a level of consistency, you should be in good shape.
- Solid credit score and history without major blemishes in recent years.
- Consistent record of paying off debts on time and in full.
- How many credit inquiries you’ve made in the last year or two.
- And more
Find Mortgage Lenders for Self-Employed In California
If you’re looking for guidance or advice on how to secure a self-employed mortgage, you’ve come to the right place. Here at Bachman Mortgage, our team of experienced and professional mortgage officers can help you with any of your self-employed mortgage questions or concerns.
1099 Mortgage Lenders in Silicon Valley
As a self-employed individual, you receive a 1099 form at the end of the year to report your income from various sources. We offer 1099 self-employed mortgages here at Bachman Mortgage, so reach out today to see what other documentation you might need to move forward.
How many tax returns do I need for a mortgage?
We typically will ask applicants to provide at least one or two years’ worth of tax returns so that we can verify your annual income against your reported earnings from your financial documentation.
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