We have one!
Here’s how you qualify:
- One borrower must be self-employed for 2 years in the same business (flexible options to qualify)
- Personal and/or business bank statements for the most recent 12 month period, with or without asset amortization
- 90% financing on purchase or Refinance up to $1 Million
As a self employed borrower, showing income for mortgage loan applications is a tough task. Many self employed borrowers deduct large expenses throughout the year and these expenses prevent the borrower from qualifying for a mortgage based on income. The national guideline of, “ if it isn’t on your taxes we can’t use it as income” has left the self employed borrower out in the cold.
For over a decade now, many of these borrowers have had to turn to no documentation loan products to obtain financing. Those programs carry higher interest rates and shorter loan terms. The borrower in many cases is forced to refinance again and again and sometimes as often as annually. These high risk loans expose the self employed borrower to volatile market trends that can change from year to year and leave a borrower in a worse financial position than when they originally financed their property. Much like the subprime loans of the 2007 mortgage crisis these high risk loans allow a temporary fix but long term mortgage finance loans have been largely unavailable to the self employed. Until now!
Our iQM Alt Doc Bank Statement program is perfect for creditworthy self-employed borrowers. You can qualify using 12 months of personal or business bank statements. Deposits made into your personal bank account are credited as 100% income and deposits made into your business account are calculated at 50%. No tax returns are used in the qualifying process so your business deductions are not taken into consideration.
iQM Bank Statement program loan rates start at 5% interest and terms can go as long as 30 year fixed. Eliminating the stress of having to refinance every 1 to 5 years. Primary or investment properties qualify and the program carries no prepayment penalties.