Unlock Financial Freedom: Discover the Top Mortgage Lenders for Self-employed Dreamers
Are you a self-employed dreamer looking to unlock financial freedom with a mortgage but struggling to find the right lender for your unique situation? Look no further! We’ve done the research and compiled the top mortgage lenders for self-employed individuals like you.
Did you know that the number of self-employed individuals in the United States is on the rise? According to the Bureau of Labor Statistics, there were 15.3 million self-employed Americans in 2019, accounting for 10.1% of the total workforce. And yet, traditional mortgage lenders often have strict requirements that make it difficult for entrepreneurs to secure a loan.
But fear not, dear reader! Our list includes lenders who specialize in working with self-employed individuals and offer a variety of options to suit your specific needs. Don’t let outdated requirements hold you back from achieving your dream of homeownership!
Whether you’re a freelance artist, small business owner, or anyone else working for themselves, these lenders understand your unique financial situation and will work with you to find a solution. Say goodbye to the frustration and uncertainty typically associated with the mortgage process for the self-employed.
So, what are you waiting for? Read on to discover your path to financial freedom through homeownership. With the right lender by your side, anything is possible.
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Unlock Financial Freedom: Discover the Top Mortgage Lenders for Self-Employed Dreamers
If you're a self-employed dreamer, you might feel like the traditional home-buying process is out of reach. However, by working with the right mortgage lender, you can secure the financing you need to make your homeownership dreams a reality. This guide will help you compare top mortgage lenders and make an informed choice.
Why It's Hard to Get Approved for a Mortgage as a Self-Employed Borrower
Self-employed borrowers often struggle to get approved for mortgages because traditional banks and lenders use a standardized set of requirements that may not fit non-traditional employment situations. If you're self-employed, you might not have a steady paycheck or a W-2 to provide as proof of your income. You may also have more fluctuations in your monthly income, making it difficult for banks to verify your ability to consistently make mortgage payments.
What to Look for in a Mortgage Lender for Self-Employed Borrowers
When searching for a mortgage lender, it's crucial to look for one that specializes in working with self-employed borrowers. Some key factors to consider include their required documentation, their experience working with business owners, and their customer service reputation. The table below highlights some of the top lenders serving this niche market.
| Lender Name | Loan Types | Min. Credit Score | Required Documentation |
|---|---|---|---|
| New American Funding | Conventional, FHA, VA, Jumbo, USDA | 600 | Profit-and-loss statement, two years of tax returns, bank statements |
| Alterra Home Loans | FHA, VA, USDA | Not disclosed | Business license, CPA letter, two years of personal and business tax returns, ytd profit-and-loss statement |
| Citadel Servicing Corporation | Different levels available & specify loan needs | Not disclosed | X |
| Caliber Home Loans | Conventional, FHA, VA, Jumbo | 580 | Two years of personal and business tax returns |
New American Funding
New American Funding offers a variety of options for self-employed borrowers, including traditional fixed-rate mortgages, adjustable-rate mortgages, and government-backed loans like FHA and VA. They pride themselves on their experienced and friendly loan officers and fast loan processing times. The main downside of working with New American Funding is that they do require a fairly high minimum credit score of 600, which may be difficult for newer businesses or those with spotty credit.
Alterra Home Loans
Based in Las Vegas, Nevada, Alterra Home Loans is more flexible on credit score requirements than some other lenders on this list. They offer multiple loan programs tailored specifically towards self-employed borrowers, including FHA, VA, and USDA mortgages. The downside of working with them is that they require a fairly complex set of documents, including a CPA letter, a business license, and year-to-date profit-and-loss statements.
Citadel Servicing Corporation
Citadel Servicing Corporation caters to borrowers who are unable to get loans through traditional means. They offer a range of loan options, including prime, near-prime, and subprime options. Their payment structures vary depending on the risk level of each loan. Citadel Servicing's “self-employed borrower” loan only requires 12 months of bank statements instead of tax returns. The catch? They are currently only licensed in certain states.
Caliber Home Loans
Caliber Home Loans is another option for self-employed borrowers, offering conventional, FHA, VA, and jumbo loans. They require two years' worth of tax returns but otherwise don't have too many strict documentation requirements. However, their minimum credit score requirement is on the higher side at 580. One unique thing about Caliber is that they offer special programs for doctors and lawyers who may have high student loan debt and low cash reserves but still strong earnings potential.
Additional Factors to Consider
While the table above highlights some of the main differences between these four lenders, there are always additional factors to consider when choosing a mortgage provider. For example, some lenders work better with first-time homebuyers or those looking to purchase lower-priced homes, while others are better suited for those looking to buy larger properties.
The Final Verdict: Our Top Pick for Mortgage Lenders for Self-Employed Dreamers
Ultimately, the best lender for self-employed borrowers depends on your specific situation and what you value most in a lender. If you're looking for a low barrier to entry and quick approval times, New American Funding might be your best bet. But if you can provide the extensive documentation requirements necessary to obtain an Alterra Home Loan, you may appreciate their flexibility in lending criteria. Of course, Califel Home Loans also is a great option for many people. For borrowers in states where it's licensed, Citadel Servicing Corporation could be a game changer.
When shopping for a mortgage, it's important to do your research and get multiple quotes so you can compare and get the best deal possible. Good luck on your journey to unlocking financial freedom as a self-employed homeowner!
Unlock Financial Freedom: Discover the Top Mortgage Lenders for Self-employed Dreamers
Unlock Financial Freedom: Discover the Top Mortgage Lenders for Self-employed Dreamers
What is Unlock Financial Freedom?
Unlock Financial Freedom is a website that helps self-employed individuals find the best mortgage lenders for their needs.
Why is it important for self-employed people to find the right mortgage lender?
Self-employed people often have a more difficult time getting approved for a mortgage than traditional employees. Finding the right mortgage lender can make all the difference in getting approved and securing the home of your dreams.
How does Unlock Financial Freedom help self-employed people find the right mortgage lender?
Unlock Financial Freedom has compiled a list of the top mortgage lenders for self-employed individuals based on factors such as interest rates, loan terms, and customer service. This makes it easy for self-employed dreamers to find the perfect lender for their needs.
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