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?
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 self-employed individual with varying ownership stakes in several companies. In addition to my complex tax returns, I had a small closing window and my building’s lender started changing my qualifying requirements on my $1.5M purchase 45 days prior to closing on my dream home. After thoroughly reviewing my business cash flow statements, you were able to make sense of it and ensure a smooth underwriting process. The open line of communication was key to me. I had a lot on the line and knowing that I wasn’t being put off really helped reassure me that everything was going to work out. Working with Scott Appelbaum was the best decision. Transparency was so important during this process and you always give it straight!"
Self-Employed Jumbo Borrower
"Being a business owner, I was concerned that I would not qualify for a mortgage because of my tax returns. Scott Appelbaum and his team were incredibly fast and got us closed 21 days from the day we spoke. If I knew a business owner like myself in need of a mortgage, I would highly recommend your company!"
Brandy and Brian D.
"I was concerned about getting a mortgage commitment letter in time, and I heard 60 days from bankers and my neighbors. After quickly getting my commitment letter and finding the right product that fit me and my source of income, Scott Appelbaum left me with no doubt that he was going to get it done. It was a synergistic recipe for success for us, and we’d recommend him and his team to anyone without a shadow of a doubt!"
Getting a Loan with Scott Appelbaum
Is as Easy as 1, 2, 3 ...
Schedule a Consultation
Schedule time on my calendar so I can understand your goals and help create a plan.
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
- Schedule a Consultation
- Know Your Options
- Close Your Loan
LOANS FOR REAL ESTATE INVESTORS
Mortgages for investors with no income documentation required.
LOW DOWN PAYMENT JUMBO LOANS
Jumbo loans with as low as 5% down so you can preserve liquidity.