Self Employed

While being your own boss has several benefits, it may be difficult for home loan approval. These borrowers can face unique challenges because they are often perceived as “high risk.” But chances are, we have a self employed mortgage especially for those who are business owners or independent contractors.

Our “No Tax Returns” Mortgage Program for the Self Employed

We specialize in the best mortgages for the self employed. We qualify you for self employed home loans with our “no tax returns” needed mortgage program. This unique program:

  • Doesn’t require any tax returns
  • Requires a minimum credit score as low as 600
  • Accommodates loan amounts up to $3,000,000

As a business owner or independent contractor, you may think it’s nearly impossible to qualify for a self employed mortgage. Give us a call to learn about this program especially designed to meet those challenges.

Other Self Employed Mortgage Options

As a business owner or independent contractor, you have several other self-employment mortgage options available to you. From government sponsored home loans to local grants, you can qualify for standard home loans as long as you meet the requirements. Here are some factors that can make it easier for mortgage pre-approval:

Great credit score of at least 700

  • A sizeable downpayment
  • Self-employment history OF AT LEAST 2 YEARS
  • Low debt to income ratio

Preparation is Key

Self-employed borrowers should be thoroughly prepared when applying for a loan. Your mortgage loan officer will require you to be able to provide at least one year of business and personal tax return documents as well as bank statements to show proof of income. Your lender will more than likely request a copy of your tax transcripts to make sure your yearly income matches what you have reported to the IRS. You’ll need to make certain that all of the numbers match up.

Before seeking a loan, you’ll also need a positive credit history. Take time to pay down as much debt as you can to ensure you have a manageable amount at the time of your application. Just one year of no late payments means your credit score can rise drastically, so be diligent with paying your bills on time.

Consistent Income

Periods when income is less than stable is a major challenge for the self-employed. A mortgage lender may wonder how you will be able to make payments if you don’t generate consistent income. That’s why it’s imperative to be able to show at least a year of steady income before you apply for a mortgage. Use our mortgage calculator to determine if you’re in the best position to seek out a home loan.

Applying for A Self Employed Mortgage in Texas

If you own your own business or are an independent contractor, approval for a home loan is definitely possible. Contact us and let a mortgage loan officer help you qualify for a one of the best mortgages for the self employed, tailored to your needs. We’re here to serve the self-employed in Houston and the surrounding areas.

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