Meet Scott Appelbaum
"I am a successful freelancer who after a few years of major growth decided I was ready to take the next step and buy my dream home. The problem was I was told by multiple lenders I could not get a mortgage because of my tax returns which made me feel stressed and overwhelmed. I thought all hope was lost until I scheduled a consultation with Scott Appelbaum. He completely understood my situation and guided me through options I didn't know I had. Ultimately, Scott and his team helped me close on my dream home. I would absolutely recommend Scott Appelbaum and his team to anyone, especially if you are self-employed!"
"I was concerned that I would not find any reasonable options catering to my self-employed situation. I was able to get approved and close on my home because Scott Appelbaum thoroughly guided me through all options and found one that best suited my needs. I would absolutely recommend Scott Appelbaum and his team!"
Christian and Michelle B.
"Before working with Scott Appelbaum I applied for a mortgage with another lender but later got denied. Getting denied for a mortgage was unexpected and defeating. Looking back, I should have realized that most loan officers out there just don't understand self-employed income. Scott Appelbaum knew right away what I was going through and his experience working with other business owners gave me the confidence I needed to move forward. I am happy to say I am now a proud self-employed home owner and I owe it to Scott Appelbaum. I'd recommend him to anyone who is self-employed!"
Our Mortgage Loan Programs
Qualify using bank statements or 1099s instead of tax returns so you can get approved.
LOW DOWN PAYMENT JUMBO
Jumbo loans with as little as 5% down so you can preserve liquidity and close on your dream home.
We allow investors to qualify using rental property cash flow and no income documentation.
Unlock your home equity to receive the maximum amount of cash to achieve your financial goals.
Getting a Loan with Scott Appelbaum
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 I have reviewed your income up front.
Close Your Loan
Relax as I guide you through a stress-free loan process so you can close on time.
How can I qualify for a mortgage without tax returns?
At LoanBud, we know business owners are the kind of people who want to be successful. In order to be that way, you need a mortgage to buy your home. The problem is, most banks will not approve your mortgage because of your tax returns, which makes you feel frustrated and defeated. We believe that qualifying people based on their tax returns is just plain wrong. That’s why we allow our self-employed customers to qualify using their bank statements instead of their tax returns.
- Schedule a consultation to talk to us
- Know your options
- Close your loan
Request a free consultation here so you can stop worrying about getting approved for a mortgage so you can be happy in your new home.
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 qualifying loan (link), 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.
Are You Ready to Apply?
If you'd prefer to jump right into the application, we can do that as well! Click the APPLY NOW link below to complete a secure application. I will follow up with you within 24 hours to discuss your options.