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It is common for self-employed borrowers to be denied income-based loans. The solution? Asset-based programs! 

Although income-based programs are common, that doesn’t mean it’s the right fit for everyone. It is very common for those who are self-employed to write off large portions of business expenses, affecting income. In turn, some may find it difficult to qualify for these programs. These are the borrowers that make ideal candidates for asset-based programs. Assets can include, more obviously, property and funds,  but also includes 401ks, IRAs,  Annuities, and more. Asset-based loan programs solve the aged issue of the self-employed being denied a loan based on income even though they are ideal candidates. Credit scores can also present issues for self-employed borrowers, which is why our largest and most utilized lender lowered their credit score minimum for self-employed borrowers from 780 to 700. This is great news for all those self-employed borrowers who were denied a mortgage loan based on their credit. Due to the new minimum, we have an increasing amount of self-employed borrowers coming to us for a mortgage loan with more approvals than ever before. 

Know someone who needs a mortgage loan or broker? Refer family and friends and receive a $100 Visa Gift card per referral at the time of funding – No limitations! 

 

There are so many benefits to using the Vieira Mortgage Team. We have the lowest mortgage rates, quick closing times, countless loan programs, including no-cost loans, and more! 

1 | Make sure your credit is in good standing. If you currently have a lot of debt that is lowering your credit score, consider paying some of it off. A low credit score means higher rates and fewer options. There are ways to find out which debt payoffs will increase your credit the greatest.

 

2 | Bank or broker. Sometimes, we are more drawn to partner with banks for our mortgages because we already use their services or we’ve never worked with a broker before. In reality, banks are very limited on their products. Brokers have significantly more options than traditional banks and are known for having the best rates and specialized products.

 

3 | Avoid the Appraisal or at least prepare for one. Depending on the circumstances, you may receive an appraisal waiver to opt-out of the appraisal. This can save you on average $500. If there’s no getting around the appraisal (estimated property value is too high, large cash-out transaction, etc.), avoid construction/ remodeling and make sure your home is spruced up to wow the appraiser. In many cases, we can reimburse borrowers for that fee. 

The Vieira Mortgage Team is a group of highly skilled professionals that have served over 7,000 clients ranging from first time home buyers to seasoned real estate investors. Our team delivers the most intimate mortgage experience one can find. Dedicated to giving a top-notch purchase or refinance experience, our approach focuses on cultivating meaningful, long-term relationships with our clients.