If you are self-employed and are looking to get a new home, one effective financial strategy when buying a home is to get a self-employed loan. Self-employed home loans are designed to help self-employed folks acquire a home. So if you are self-employed in Riverside County and are currently looking for some financial support to help you land your dream home, you can get some help. There is a caveat, though. Self-employed home loans come with a unique set of conditions and qualifications. It is an excellent option for some, but not for others.
Let’s take a closer look at self-employed loans. We’d start with the types of available loans if this is your first time trying to access them.
- Conventional Mortgage
- FHA Loan
- USDA Loan
- VA Loan
- Bank Statement Loan
What You Need to Have When Applying for a Home Loan
To apply for a self-employed loan, you’d need some documentation to verify your eligibility for the application. It would be in your best interest to consult a home lending advisor in Riverside County who (among other things) will ensure that you have the correct documentation with you.
The specific documentation will differ from lender to lender, but these are some of the documents that you are expected to provide when applying for a self-employed loan:
- Tax returns
- List of current debts and monthly payments
- Bank statements
- Declaration of assets
- Additional sources of income
- Proof of current housing payment
- Verification of your business or employment
Conditions for Applying for Self-Employed Loan
The conditions required for getting a self-employed loan will differ according to the lender involved. Consult with a Riverside County home loan consultant who knows the market well and can provide insight into what is expected of applicants for a self-employed loan. From our experience, these are the conditions that you will be expected to meet to be able to assess a self-employed loan:
- Great Credit
- A Steady Income
- Some Savings in the Bank
- Stable Employment
- Substantial Deposit
- Minimal Debt
Team Sosi is home to some of the best home buying advisers in Riverside County, CA. We are committed to helping everyone who needs to buy a house to achieve that dream. As one of the leading home buyer planners in Riverside County, we ensure that you can assess the best financial options. Contact us Let us help you determine if a self-employed home loan is right for you, and, if so, which product is best for you
Let us help you get your dream mortgage!
At Team Sosi, we understand that most prospective homeowners have very little knowledge about mortgages and related topics. Rather than approach the field as a greenhorn and make costly mistakes, you can rely on our expertise to get the best home mortgage advice and deals. Our goal is to help you create your winning strategy for homeownership, and we have a team of professionals that are always on hand to assist you at every step of the way. Get in touch with us today to schedule a free consultation, and you’ll be glad you did!