SELF-EMPLOYED LOANS

A borrower who has at least a 25% ownership interest in a company is considered to be self-employed. It does not impact your ability to get a loan because you are self-employed. The only thing that affects the type of loan you will get is your ability to document your income. This is a problem for some self-employed borrowers. Where a salaried borrower uses W-2 forms to document income, tax returns are used by a self-employed borrower. Self-employed borrowers may be able to use their individual returns, corporate returns and profit and loss statements in demonstrating their income. If you do not show enough income on your tax returns or prefer not to provide them, we have many "Stated income" & "No income verification" loans available.

There are a few differences in how loans are processed and underwritten for self-employed borrowers.

1) An underwriter will want copies of two years of business and personal (if different) tax returns and a year-to-date profit and loss statement.

2) The income used to qualify for your loan is an average of the previous two years adjusted tax returns together with a year-to-date profit and loss statement.

Stated Income Loan / No Income Verification

The popular No Income Verification Loan (NIV) also known as Stated Income - requires No W2's, No Pay stubs, No Tax returns, and No IRS Forms. Available to W-2 wage earners, 1099, Self Employed, and Retired. If you need financing but your income is difficult to prove or document then the answer for you is a Stated Income or No Income Verification loan. Review the Program Details for the available states.

There are "3" types of NIV or No Income Verification loans for purchase or refinance that offer 100% financing explained below:

Stated Income Verified Assets Loan: (SIVA) - Loan approval is based on your stated income, credit history, and verified liquid assets. The Verified Assets should be consistent with the income claimed.

Stated Income Stated Assets Loan (SISA) - This loan features no assets being verified. You only state your income and state your assets on the application. This program carries a slightly higher rate because the assets are not verified. Now available on Home Equity Lines or Fixed Rate second mortgages.

No Ratio Loans - Similar to the programs above except that no income information is provided or verified on the application.

Access Mortgage LLC - 7070 South Union Park Center, Suite 220 - Midvale, UT 84047
Office Phone: (801) 208-5220 Fax: (801) 208-5239 Toll Free Phone: (800) 390-2780

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