Producing tax returns, paystubs and W-2s to satisfy the application and underwriting guidelines of lenders may not pose a challenge for borrowers working as salaried or hourly employees. At MortgageDepot, a multi-state mortgage broker based in New York, we understand how producing the documentation to prove income may be a challenge for self-employed borrowers. We now offer a stated-income loan, which we describe as our Lite Doc program, to allow self-employed borrowers access to financing for the purchase of owner occupied real estate.
Challenges faced by self-employed borrowers
As a general rule, the underwriting guidelines followed by most lenders look for verification of a buyer’s source of income by demanding the following documents from borrowers:
Self-employed individuals, such as owners of small business and freelancers, who are unable to prove income in the manner traditionally required by lenders would be prevented to obtaining mortgage financing.
Stated-income loans for owner occupied properties
Our loan officers specialize in finding financing tailored to the circumstances of each borrower. Self-employed borrowers may find our Lite Doc program to be a perfect match. Highlights of the program include the following:
Properties must be owner occupied in order to be eligible for financing under this program.
Learn more about stated-income loans
Our loan officers work with borrowers through each step of the loan process from application through closing.
Contact one of our loan consultants to learn more about the stated-income loan.
