Self-Employed? You can get a Mortgage! There are two types of self-employed or business-for-self (BFS) borrowers - those who can prove their income amount by way of their income tax returns and those who cannot and require a stated income mortgage product. We have access to multiple lenders that provide self-employed mortgage products. Call and speak with us today and find out exactly how it works. We offer free consultations! Down Payment Amount Required If you require a stated income mortgage product, you are required to put a minimum of 10% down on the home purchase. If you are able to prove your income by providing two years of income tax returns/notices of assessments, you are only required to put 5% down of the home purchase price. If you require further clarification on how much you are required to put down on a home purchase, contact us today! Alternative Financing If you do not qualify for traditional mortgage financing, you may be eligible for alternative or private funding. Private Funding: is based on equity, meaning the lender's decision will be based on a specific piece of real estate and how much you have to put towards the purchase as a down payment. Most private lenders require 20-25% as a down payment. Rates for private funding range from 6-12%, depending on the client's unique situation. Timing is Everything! We understand that time is of the essence when you are looking into your financing options. We process applications within 24 hours and are dedicated to providing you with quick and effective results.
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