Self-employed homebuyers generally have more difficulty getting a mortgage, because of the way their income is reported and because they are often perceived as not having the job security of others if they get sick, for example, their whole operation may be down for the duration. Even self-employed real estate agents and mortgage loan officers encounter this roadblock en route to mortgages. But there are a number of options available to those who are self employed and trying to secure financing to buy a home.
If you have good credit and enough money to pay a significant down payment, you can use so-called low-document and no-document loans, two of the most popular options for self employed borrowers.
Low-doc loans require a larger than normal down payment, but in exchange; you dont have to verify your income by showing tax returns and other financial paperwork. Usually a credit check and one or two bank statements is sufficient documentation. The process is streamlined, simple, and advantageous for those whose income may look smaller on paper than it actually is.
The closely related no doc loans require no documentation of income at all. These are one of...
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