Self Employed Mortgages
Self employed home loans can come in a variety of flavors. It’s possible for these borrowers to qualify for a conventional or government-backed loan, but it’s increasingly common for self-employed workers to get nonqualified (non-QM) loans.
SBA 7(a) Loan
The federal government’s Small Business Administration (SBA) has a loan guarantee program that supports commercial lending in the US.
Restaurant Loans
Lenders offer mortgages for an array of restaurant scenarios, including start-ups, opening and financing a restaurant, cafés, fast-food franchises, bakeries, specialty restaurants, franchised or branded restaurants, chains and independents.
Residential Second Lien Mortgages
A second mortgage is a loan a borrower takes on a home that people live in, whether it is a primary residence, a vacation home or a rental property.
Rental Property Loans
A rental property loan is a mortgage for a residence from which the borrower, as a landlord, intends to earn rental income.
Rehab/Renovation/Remodel Loans
A home rehab loan is used to rehab, renovate or remodel a residence. These loans are typically refinances with cash-out.
Owner Builder Construction Loans
Owner builder loans are made for borrowers who are building their own home.
Nonowner-occupied Loans for Residential 1-4 Units
A nonowner-occupied mortgage is a loan for a single family residence, duplex and triplex or fourplex, where the residents are renters.
No-Income Mortgages
Some borrowers aren’t able to provide income documentation. In these cases, a lender may accept other proof of the borrower’s net worth.
No-FICO and Sub-500 FICO
Borrowers with credit scores under 500 or no FICO score will not qualify for prime loan programs and will therefore have to explore non-conventional mortgages.
