Qualifying for a mortgage if you are self employed is a much more complicated process than it used to be ten years ago. With enhanced income requirements and the need for extensive documents proving your financial stability, you are at an automatic disadvantage with your lender if you work for yourself. However, mortgages for self employed Atlanta home buyers including no income verification loans, bank statement loans and income express loans can help you to get the support you need. At BrightPath, our specialists will work hard to provide mortgage solutions that help you achieve your goals.
No Income Verification Loans
No income verification loans are a great mortgage option for self employed Atlanta home buyers because you only need to provide proof for your down payment. If you do not have the employment or fiscal background necessary to acquire a more traditional mortgage, this loan can afford an alternative avenue to get you into your home. No income verification loans also offer you the flexibility to choose a fixed rate or adjustable rate mortgage based on what is best for your financial circumstances.
However, there are some requirements you must meet to be eligible, including a self employment history of at least two years. While no income verification loans require less paperwork, the drawback is that you must put more money down upfront to be eligible. Along with a minimum down payment of 20%-35%, the interest rates will be higher than some conventional loans. As a result, this mortgage is ideal for those who have more savings. Also, you may need to search around as not all lenders offer this loan.
Bank Statement Verification Loans
Bank statement verification loans are a better mortgage for self employed Atlanta home buyers that have less money to put down since the initial payment requirement is only 10%-20%. And with permissions for lower credit scores in the mid-500’s, this can be a good mortgage solution for you if your business is at a loss or you have filed for bankruptcy in the past.
While bank statement loans have fewer document requirements and allow for grant approval without tax return qualification, you will need to provide up to two years of bank statements proving a steady flow of income to be eligible. And much like no income verification loans, you will pay higher interest rates and need to look further for lenders that offer this unique loan.
Another type of bank statement loan program is the income express loan.
If the higher interest rates of no income verification loans or bank statement loans are not feasible for your financial situation, then an income express loan might be right for you. While there are some proof of income requirements that need to be met, they are minimal, making this a convenient mortgage for self employed Atlanta home buyers. If you can verify your earnings with one to two years of bank statements and have a credit score between 640-680, then you are likely to be eligible for this loan. And much like bank statement loans, you can qualify even if you have experienced bankruptcy.
BrightPath Offers Better Mortgages for Self Employed Atlanta Home Buyers
With so many loan types and requirements, it can be difficult to discern which will work best for you. Contact BrightPath today to schedule a consultation and learn more about your options.
At BrightPath, it is our priority to meet all of your home financing needs.