Are You Self Employed?
Someone who is self employed is a person that is not an employee. So if you have 1099 income or your own Corporation, S-Corporation, Limited Liability Company or Sole Proprietorship, you are self-employed.
Being your own boss is one of the greatest achievements ever! Believe I know I am self-employed! One of the great advantages of being self-employed is that you can use write-offs to minimize your income tax liability. Great for paying minimum amount of tax but not so great if you are trying to qualify for a home loan.
Until recently, if you did not show enough income on your tax returns, you would have had a hard time qualifying for a home loan especially in California. Added with the higher required credit scores, it was virtually impossible to get a home mortgage.
That was in the past! We have home loan products and options available for the self employed. Here are some of the requirements to qualify for a mortgage for self employed in California:
- Bank Statements OK – no tax returns required for the self employed
- Credit Scores (FICO) as low as 560 – OK
- Home loans to $3,000,000
- Purchase or Refinance
- Stated Income Loans Available
- Down-payments as low as 3.5%
Call us for more information and for today’s low mortgage rates. We can be reached at (949) 313-7333