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Mortgage Loans For Self Employed

When it comes to getting approved for a mortgage loan, proving income is no longer a necessity. This is great news for the millions of self-employed workers. The workforce of America is increasingly made up of consultants, freelancers and work-from-home professionals in all sorts of businesses and industries. The boom of internet-based businesses has added to this phenomenon.

Those who own their own business or work as an independent contractor know that proving income can be difficult. This factor makes securing a mortgage loan for the purchase of a home even trickier. At Downs Financial, Inc., we celebrate the self-employed with our "No Income Verification" mortgage. This loan program requires no income verification, as the title says, and yet still offers great rates and terms. Full documentation is not required (W-2s, check stubs, income statements), although asset verification is sometimes a factor.

If you don't want income or assets used in your loan qualification process, then a No Income/No Asset (NINA) Verification loan is for you. Some prefer not to state numbers because the ups and downs of their income make them look unstable on paper. As well, it is hard to predict yearly income or prove future income when you work for yourself or others on a freelance or contractual basis.

Typically, there are some requirements specific to these loans. They are usually only available to individuals with a high credit score, asset verification, or a large down payment. To offset these factors, your rate may be slightly higher than that of a loan with full disclosure, but we guarantee the same easy approval and loan process. In addition, turnaround time is generally equivalent to that of a regular loan.


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