Getting a mortgage while self-employed doesn’t have to difficult! Qualify for a self-employed home loan without using tax returns!
Your Go-To Mortgage Lender For Self Employed Workers or Small Business Owners
- No Tax Returns, Flexible Income Documentation
- Use 12/24 Month Business or Personal Bank Statements or 1099
- Loan Terms Available that Lower Your Monthly Payments
- First Time Homebuyers Welcome
Flexible Self-Employed Home Loan Solutions
Don’t get penalized for a smart tax return! Traditional mortgage options put self-employed people in a box, but we specialize in helping you find self employed mortgage solutions that expand your options. Newfi provides a unique self-employment mortgage program that allows you to document your income whether you’re a small business owner, contract worker, own an LLC, own part of a corporation, or are self-employed in any way!
Get In Touch with a Newfi Senior Loan Advisor Today!
Call or connect with one of our Senior Loan Advisors today about your self-employed mortgage options.
Why do Self-Employed People Need a Different Kind of Loan?
Because Self-Employed workers or small business owners typically take advantage of tax code benefits, trying to qualify for a mortgage using tax returns can be very difficult. Newfi understands the self-employed borrower and allows them to use other methods of income documentation to calculate their monthly income to qualify for a mortgage.
Newfi's Self-Employed Mortgage Qualifications
- Minimum of 2 Years of Self-Employment History
- Home Loans up to $3 Million
- Primary Residences, Second Homes, and Investment Properties Allowed
- Credit Scores as Low as 660
Frequently Asked Questions
Yes! First time home buyers can qualify for a Self-Employed loan! We help families across the United States start their homeownership journey.
When using a 1099, we will review your total income and take away an expense ratio of 10% (unless otherwise provided) and qualify you on the remaining 90% of income. If you have several forms of income, we will add all of the sources together to determine your average monthly income. We can consider most sources of income that have a two-year history!
It depends on how you make your money! If your tax returns don’t document your income well, a challenge most self-employed borrowers face, we turn to other income documentation methods like bank statements or 1099. You will also need to provide documentation of self-employment history; and if you own a business with another person, document how much of the business you own.
Your down payment can be as low as 10% on a purchase with a self-employed loan!
You will need to provide 2 years of self-employment history to qualify. There are exceptions for borrowers with at least 1 year of self-employment history on a case-by-case basis if you have strong job experience, a history of other income earning, etc., reach out to us for more information.
We allow for borrowers to combine income from multiple jobs for an individual or a household. We will combine 1099, bank statement, and W-2 earnings to calculate your total income to qualify for all borrowers on the loan.
Because everyone has their own unique situation, we recommend speaking to a loan advisor about your options as your first step. Go to newfi.com/get-started or fill out the form on this page for a free consultation with one of our licensed loan advisors to learn about what documentation and qualifications you may need!
Your exact mortgage rate depends on many factors: income calculation method, your down payment/equity position, credit score, loan term, income, and debt. Contact us to get a free quote on our competitive self-employed mortgage rates and learn how much you could qualify for!