Mortgages Designed For Self-Employed Borrowers
We offer the flexibility to qualify with or without tax returns and underwrite your income up front, so you can have confidence your loan will close.
Are You Tired Of Being Told Your Tax Returns Won’t Qualify You For A Mortgage?
When you’re purchasing a home, there’s a lot on the line. In a recent survey by LoanBud conducted by Pollfish, 50.23% of self-employed home buyers who were given a pre-approval letter were later denied by that lender. If your loan is denied, you could:
I am dedicated to helping business owners, entrepreneurs and freelancers just like you get approved.
We host a variety of products that can help suit your individual needs. Some of the benefits are:
NO TAX RETURNS REQUIRED
We allow the option qualify your income using bank statements or 1099's instead of tax returns so you can get approved.
UP FRONT INCOME ANALYSIS
Have peace of mind knowing we’ll review your income documentation up front, before we issue a pre-approval letter.
SAVE TIME AND MONEY
LoanBud is specifically designed for self-employed people. We offer an array of products that are aimed at helping customers like you get your dream home.
FLEXIBLE CREDIT GUIDELINES
We allow FICO scores as low as 620. Recent bankruptcies, short sales, or foreclosures may be acceptable.
LOW DOWN PAYMENTS
Depending on the loan program, you can preserve liquidity with as little as 3% down if using tax returns and 10% down without tax returns.
MORE CASH OUT
Unlock your equity with up to 95% total financing with a cash out refinance plus a post-closing home equity line.
What My Clients Have To Say:
"I am a business owner and knew I was generating enough income to buy the home I wanted, but I had trouble getting approved for a mortgage because my tax returns do not reflect my true income. After a consultation with Melissa I knew right away I was on the right track. She understood my self-employed situation in away that the other lenders I'd spoken with did not. During the entire loan process I felt things were clear and under control. In the end, I was able close on my home thanks to Melissa and I'd recommend her to anyone looking to buy a home!"
"When we first started looking for a mortgage, we did not realize how difficult it could be since our primary source of income is from our business. After we were pre-approved by another lender and denied later in the process, we were afraid we would not be able to close on our home at all. Melissa came to the rescue and told us exactly what we needed to do and provided a far more thorough review of our documentation then the previous lender did. I just wish we knew about Melissa and her team sooner because it would have saved us time, money, and a headache. 10/10; I have already started recommending Melissa to my friends and colleagues!"
Ashley and Chris H.
Self-Employed Jumbo Mortgage Borrower
Getting a Loan with Melissa Buehner
is as Easy as 1, 2, 3 ...
Schedule a Consultation
Schedule time on my calendar for a consultation so I can understand your goals and create a plan for you.
Know Your Options
Discover what options are available to you and have confidence knowing your income has been reviewed up front.
Close Your Loan
Relax as I guide you through a stress-free loan process so you can close on time.
What are the requirements for a self-employed conventional mortgage?
The requirements for a self-employed mortgage will depend on whether you are qualifying conventionally (with tax returns) or unconventionally (without tax returns).
Self-employed conventional mortgage qualifications include:
- FICO score of 620 or greater
- Debt to income ratio of no more than 50%, based on the net income reported on the last 2 years of tax returns
- Down payment of at least 3%
- 2-year history of being self-employed (shorter periods of one year are considered on an exception basis)
- Year-to-date profit & loss statement, balance sheet, and recent bank statements to support income
At what point in the mortgage process will lenders review my income?
Most lenders do not analyze and underwrite a borrower's income up front (at the pre-approval stage). Did you know that most loan officers are given authority to issue you a pre-approval letter without your loan ever being underwritten, and that your loan could later be denied by the underwriter?
Online approvals are even more dangerous. If you enter your income (at least what you think it is) into an online application and you're given an instant pre-approval letter, without anyone ever analyzing your income documents, tax returns, profit & loss statements, balance sheets, and other financial information, is that really doing you any good? Aren't you being asked to effectively calculate your own self-employment income? Using shortcuts that other lenders offer can do more harm than good.
At LoanBud, we won't make you calculate your own income. We will analyze and underwrite your tax documents up front, so you can relax knowing your income has already been approved. If we determine your tax returns won't qualify, we will provide you with alternatives such as utilizing your bank statements instead of your tax returns.
What documents do I need to provide for a self-employed mortgage?
When it comes to self-employed applicants, most lenders are not flexible with the documentation that can be used.
At LoanBud, we believe self-employed borrowers need more ways to get approved, so we provide the following options:
- Full documentation: 2 years personal and business tax returns, year-to-date profit & loss statement and balance sheet
- Bank statements: 12 – 24 months of personal or business bank statements (no tax returns required)
- 1099 only: 24 months of 1099’s and year-to-date earnings statements (no tax returns required)
- No doc: No doc mortgage / no ratio loan (employment, income, and tax returns are not required)
Can I qualify with liquid assets?
If you have at least 110% of the purchase price in liquid assets – meaning assets that are easily convertible into cash – LoanBud will not require income verification to qualify for a mortgage loan.
This factor can be a major benefit for a borrower whose small business is in its infancy with less than two years of history. You also get credit for all of your liquid assets, which includes retirement accounts, brokerage accounts, the cash value of life insurance policies, and more.
Qualifying using liquid assets only is known as an asset based loan, and can be used by any borrower to qualify, regardless of whether or not you are self-employed.
Can I get a no doc refinance?
Yes, at LoanBud we offer no doc refinances using only bank statements and allow you to take cash out up to 85% of the value of the property.
What is the maximum loan amount for bank statement jumbo loans?
LoanBud offers self-employed bank statement mortgage loans up to $10 million, with higher loan amounts considered on a case-by-case basis.
Can I get a mortgage if I haven't filed a tax return?
Yes, if you are self-employed you can get a mortgage with unfiled tax returns. Since you are qualifying using 12 - 24 months of bank statements, and not using tax returns, we do not verify whether or not your tax returns have been filed.
Finally, a Mortgage Company Built for Self-Employed Home Buyers
At LoanBud, we know if you're self-employed you are the kind of person who want to be successful. In order to be that way, you need a mortgage to buy your home. The problem is, most lenders are quick to give out a pre-approval letter without reviewing your documentation, and only allow tax returns to prove income, which can lead to your loan being denied. I believe that giving out false pre-approval letters and only qualifying people based on their tax returns is just plain wrong. That’s why we review our self-employed customers' income in advance and offer an option to qualify using bank statements or 1099's instead of tax returns if needed.
- Schedule a Consultation
- Know Your Options
- Close Your Loan
Request a free consultation with me today so you can stop worrying about getting approved for a mortgage so you can be happy in your new home.