Loans
Loans if you work for yourself
If you work for yourself, a bank statement loan may help, if you qualify. These are a type of non-agency loan. Most loans follow the standard rulebooks of Fannie Mae, Freddie Mac, FHA, or VA. Non-agency loans do not use those rulebooks, so income can be proven in other ways.
Bank statement loans: Instead of a pay stub or tax returns, the lender reviews bank statements over a set period to evaluate your income, looking at the money coming in. Tax returns often do not show what self-employed borrowers really earn, because of write-offs.
1099 loans: For people who are paid as contractors and get a Form 1099 instead of a W-2.
Profit-and-loss loans: We use a profit-and-loss sheet - a simple page that shows what your business earned and spent.
Investor loans: For people who buy homes to rent out. The loan is based more on the home than on your paycheck. It uses a score that checks if the rent the home brings in can cover the loan payment. This score is the debt service coverage ratio. Personal income is not evaluated, only the debt service coverage ratio.
Next step: Call (480) 550-0211 or tap Apply. We will help you choose.
Official source: Consumer Financial Protection Bureau: Owning a Home
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Serving home buyers in Arizona, California & Colorado since 2004