Self Employed
Loan
Self Employed Loans are
the most commonly used and least expensive product in
the reduced or no documentation suite of programs. A
Self Employed
Loan
is often the
perfect choice if you have verifiable employment (self
employment is fine) and assets but your verifiable
income is just a little low for what you want to
do.
After a very
thorough analysis of your debt and verified
assets, Lender will assist you in determining the
income to be stated on the application to meet the ratio
calculation requirements. All other information on the
application is verified. The Self Employed
Loan
is the least expensive product if it
works for you. If not, a No Ratio or true No Doc
mortgage but may be a better choice. The point is, with
decent credit, I can guide you to the least expensive
program which will work in your specific situation.
Self Employed
Loans are available for
Single Family, Townhouse, some manufactured housing, and
low rise condos. Some programs allow high rise condos
2-4 unit buildings, second homes, or investment
properties but are slightly more expensive or require
more equity. Allowable uses are for purchase or rate and
term refinance. The programs will allow a "cash out"
refinance but there are limitations on the allowable
cash back.
Equal Housing
Opportunity (c)
Copyright 2006 #1 American Financial
(1AmericanFinancial.com)