SELF EMPLOYED Mortgage Solutions

Yes! Self-employed borrowers can absolutely qualify for a mortgage, even if they don’t have W-2 income. Traditional lenders may require tax returns and pay stubs, but alternative loan programs like bank statement loans, asset-based mortgages, and non-QM loans allow business owners and freelancers to qualify using alternative income verification methods. Jack Jacobs specializes in helping self-employed borrowers secure home financing that fits their financial profile.

Self-employed borrowers often face challenges due to income fluctuations, tax deductions that lower taxable income, and stricter lender requirements. Many traditional lenders calculate loan eligibility based on net income after deductions, which can make qualifying more difficult. Jack Jacobs helps self-employed borrowers navigate flexible loan programs designed specifically for entrepreneurs, business owners, and freelancers.

A bank statement loan allows self-employed borrowers to qualify for a mortgage using 12 to 24 months of personal or business bank statements instead of tax returns. Lenders analyze deposit history to determine income rather than relying on W-2s or tax filings. This is a great option for self-employed individuals who write off expenses and show lower taxable income but have strong cash flow. Jack Jacobs can help you secure a bank statement mortgage that fits your needs.

Credit score requirements vary by loan type. Most bank statement and non-QM loans require a minimum credit score of 620, though higher scores (700+) often secure better rates and terms. Some lenders allow lower credit scores with higher down payments or additional reserves. Jack Jacobs will review your credit and find the best mortgage solution for your situation.

Self-employed borrowers have multiple ways to verify income:

• Bank statement loans use 12-24 months of bank deposits instead of tax returns.
• Asset-based loans use liquid assets, retirement accounts, or investment portfolios to determine eligibility.
• Profit and Loss (P&L) statements may be accepted by some lenders as proof of income.
• Non-QM loans allow stated income options for borrowers with high earnings but complex finances.

Jack Jacobs will help you determine the best way to verify income based on your unique financial structure.

Down payment requirements depend on the loan type. Bank statement and non-QM loans typically require 10-20% down, while conventional loans require as little as 3-5% for qualified borrowers. A higher down payment can help lower interest rates and improve loan approval chances. Jack Jacobs will help you understand your options and choose the right mortgage for your financial goals.

An asset-based mortgage allows borrowers to qualify based on liquid assets instead of income. Lenders calculate the ability to repay using savings, stocks, retirement accounts, or other financial assets rather than tax returns or pay stubs. This is a great option for high-net-worth individuals, investors, and self-employed professionals with significant assets but lower reported income. Jack Jacobs can help you determine if an asset-based mortgage is the right choice for you.

A Non-Qualified Mortgage (Non-QM loan) is a flexible loan option for borrowers who don’t fit traditional lending criteria. Unlike conventional mortgages, non-QM loans allow alternative income verification, higher DTI ratios, and more flexible underwriting. These loans are ideal for self-employed borrowers, investors, business owners, and those with unique financial situations. Jack Jacobs specializes in finding Non-QM mortgage solutions tailored to your needs.

Yes! Self-employed borrowers can refinance to lower their interest rate, reduce monthly payments, or access home equity. Refinancing options include bank statement refinance, non-QM refinance, and asset-based refinance. If your tax returns don’t reflect your full income, Jack Jacobs will help you find a self-employed-friendly refinancing option.

If your down payment is less than 20%, some lenders may require private mortgage insurance (PMI). However, many non-QM and bank statement loans do not require PMI, even with a lower down payment. Jack Jacobs will help you find the best mortgage option with minimal extra costs.

The approval process typically takes 30-45 days, though it may take longer for self-employed borrowers due to extra income verification. Working with an experienced mortgage expert like Jack Jacobs can help streamline the process and avoid delays.

To increase your chances of approval, keep detailed financial records, maintain a strong credit score, minimize debts, and have sufficient cash reserves. A higher down payment and working with a lender experienced in self-employed mortgages can also improve approval odds. Jack Jacobs will help you prepare your finances and find the best lender for your situation.

Applying for a self-employed mortgage starts with getting pre-approved to determine your loan options. Jack Jacobs will guide you through the pre-approval process, help you gather necessary financial documents, and match you with a lender that understands self-employed borrowers. Contact Jack today to start your home financing journey!