Finding a mortgage can be tough, especially for self-employed people. Unlike those with regular jobs, self-employed individuals often have a harder time proving their income. This article highlights the best mortgage lenders for self-employed borrowers in 2024. These lenders understand the unique challenges faced by self-employed individuals and offer flexible options to help them secure a mortgage. Let’s explore the top choices!
Key Takeaways
- Self-employed borrowers can find lenders that cater specifically to their needs.
- Many lenders offer flexible income verification methods, such as bank statements.
- It’s important to compare different lenders to find the best rates and terms.
- Self-employed mortgages often have unique requirements compared to traditional mortgages.
- Having a good credit score can help secure better loan options.
1. Angel Oak Mortgage Solutions
Angel Oak Mortgage Solutions is a top choice for self-employed borrowers looking for flexible mortgage options. They offer a variety of loans that cater specifically to those who may not have traditional income documentation. This lender is known for its Bank Statement program, which allows borrowers to use their bank statements instead of tax returns to prove their income.
Key Features:
- Loan Amounts: Ranges from $150,000 to $3 million.
- Flexible Income Verification: Accepts 12 or 24 months of personal or business bank statements.
- Unique Loan Options: Includes a 40-year fixed interest-only option.
Benefits of Choosing Angel Oak:
- Wide Range of Loan Types: They offer various loans, including bank statement loans and 1099 income loans.
- Support for Unique Situations: They work with borrowers who have faced foreclosure or bankruptcy, as long as they meet the seasoning requirement.
- Non-Warrantable Properties: They accept applications for single-family homes, townhomes, and condos, even if they don’t meet standard requirements.
Angel Oak Mortgage Solutions is committed to helping self-employed individuals achieve homeownership, making it easier for them to secure financing.
In summary, Angel Oak Mortgage Solutions stands out for its competitive rates and flexible options, making it a great choice for self-employed borrowers. They understand the unique challenges faced by these individuals and provide tailored solutions to help them succeed in their home-buying journey.
2. North American Savings Bank
North American Savings Bank (NASB) is a great choice for self-employed borrowers looking for flexible mortgage options. They specialize in bank statement-only loans, which means you only need to provide 12 months of bank statements to qualify. This is especially helpful for those who may not have traditional income documentation.
Key Features:
- Loan Amounts: NASB offers loans ranging from $200,000 to $1 million.
- Down Payment: You can put down as little as 10% on your loan. If you pay 20%, you can avoid private mortgage insurance (PMI).
- Debt-to-Income Ratio: A high debt-to-income ratio of 45% makes it easier for many applicants to qualify.
Loan Options:
NASB provides various loan types tailored for self-employed individuals, including:
- Bank Statement Loans
- 1099 Mortgage Loans
- Asset Depletion Mortgage
North American Savings Bank understands the unique challenges faced by self-employed borrowers, making it easier for them to secure financing.
In summary, NASB stands out for its understanding of self-employed professionals and offers a range of options to help them achieve their homeownership goals. Their approach is designed to make the mortgage process smoother and more accessible for those with non-traditional income sources.
Self-employed borrowers can find a supportive partner in NASB as they navigate their mortgage journey.
3. CrossCountry Mortgage
CrossCountry Mortgage is a great choice for self-employed borrowers looking for flexible options. They make it easier to get approved for a mortgage without the usual paperwork. This lender stands out because they don’t require tax returns or a minimum debt-to-income ratio. Instead, you only need one year of self-employment income history and a credit score of at least 580.
Key Features:
- No employment verification needed.
- Offers a 40-year loan program for more manageable payments.
- You can qualify based on your assets, like bank statements or retirement accounts.
Loan Options:
CrossCountry Mortgage provides various loan types, including:
- Bank Statement Loans
- Asset Qualifier Mortgages
- Full Doc Loans
- Investor Cash Flow Loans
- Alt Doc – 1099 Mortgage Programs
CrossCountry Mortgage aims to help self-employed individuals achieve their homeownership dreams with less hassle.
With their focus on customer service and a wide range of loan programs, they have become a popular choice among self-employed borrowers. They are committed to making the mortgage process as smooth as possible, ensuring that everyone has a chance to own a home.
Overall, CrossCountry Mortgage is a solid option for those who need a little more flexibility in their mortgage process, especially for self-employed individuals.
| Loan Type | Requirements |
|---|---|
| Bank Statement Loans | 12 months of bank statements |
| Asset Qualifier Mortgages | Proof of assets |
| Full Doc Loans | Standard documentation required |
| Investor Cash Flow Loans | Income from rental properties |
| Alt Doc – 1099 Mortgage | 1099 forms for income verification |
Choosing CrossCountry Mortgage can be a smart move for self-employed borrowers looking for a lender that understands their unique needs.
4. Rocket Mortgage
Rocket Mortgage is a popular choice for many homebuyers, especially those who are self-employed. They offer a variety of mortgage options that cater to different needs, making it easier for borrowers to find the right fit. Here are some key points about Rocket Mortgage:
- User-Friendly Online Process: Rocket Mortgage allows borrowers to apply for loans online, making the process quick and convenient.
- Flexible Loan Options: They provide various types of loans, including government-backed and adjustable-rate mortgages (ARMs).
- Strong Customer Support: Many customers praise Rocket Mortgage for their excellent customer service, which is crucial for self-employed individuals who may have unique financial situations.
| Feature | Details |
|---|---|
| Loan Types | FHA, VA, Conventional, ARMs |
| Application Process | Fully online |
| Customer Service Rating | High |
Rocket Mortgage is known for helping self-employed borrowers get approved, even when traditional lenders may hesitate. This makes them a strong contender in the mortgage market.
In summary, Rocket Mortgage stands out for its flexibility and user-friendly approach. They understand the challenges self-employed individuals face and strive to make the mortgage process smoother for them. Whether you’re looking for a low-down payment option or a quick approval, Rocket Mortgage has something to offer.
5. New American Funding
New American Funding is a great choice for self-employed borrowers looking for a smooth mortgage process. They are known for their quick closing times, which can make buying a home much easier. This lender offers a variety of loan options, making it easier for different types of borrowers to find what they need.
Key Features:
- Fast Closing: New American Funding is recognized for its efficient process, helping borrowers close on their homes quickly.
- Diverse Loan Options: They provide various mortgage types, including conventional and government-backed loans.
- Support for Self-Employed: They have specific programs designed for self-employed individuals, which can help them secure a mortgage more easily.
Why Choose New American Funding?
- Quick Pre-Approval: Their streamlined process allows for fast pre-approval, which is crucial for homebuyers.
- Customer Service: They have a strong reputation for customer support, ensuring borrowers feel guided throughout the process.
- Flexible Options: With different loan programs available, borrowers can find a solution that fits their financial situation.
New American Funding aims to help all types of borrowers achieve their dream of homeownership, especially those who are self-employed. They understand the unique challenges these individuals face and work to provide tailored solutions.
In summary, New American Funding stands out for its quick closing times and diverse loan options, making it a top choice for self-employed borrowers in 2024. They focus on helping clients navigate the mortgage process smoothly, ensuring that everyone has a chance to own a home.
6. Truss Financial
Truss Financial is a standout choice for self-employed borrowers, especially those interested in asset depletion mortgages. They focus on helping individuals leverage their assets to secure a mortgage. This type of mortgage considers a borrower’s assets, like retirement accounts or investment portfolios, when determining eligibility.
Key Features of Truss Financial:
- Personalized Service: Truss Financial provides tailored support to each borrower, ensuring their unique financial situations are understood.
- Wide Range of Products: They offer various mortgage options, including stated income and bank statement loans, making it easier for self-employed individuals to qualify.
- Competitive Rates: Borrowers can benefit from attractive rates and terms, which can make a significant difference in overall costs.
Why Choose Truss Financial?
- Expertise in Unique Income Situations: They specialize in working with borrowers who may not have traditional income documentation.
- Strong Relationships: Their connections with funding partners allow them to offer flexible solutions for self-employed individuals.
- Accessibility: Truss Financial aims to make homeownership possible for those with non-traditional income sources.
Truss Financial is committed to turning mortgage challenges into opportunities for self-employed borrowers.
In summary, Truss Financial is an excellent option for self-employed individuals looking to utilize their assets for mortgage loans. With their personalized approach and diverse product offerings, they stand out in the mortgage lending landscape.
7. A&D Mortgage
A&D Mortgage is a well-known lender that has been helping self-employed borrowers since 2005. They offer a variety of mortgage options tailored for those who work for themselves. This makes them a great choice for individuals who may not have traditional income documentation.
Key Features of A&D Mortgage:
- Diverse Loan Options: A&D Mortgage provides several types of loans, including:
- Fast Turnaround Times: They are known for their quick processing, which can be a big advantage for self-employed borrowers who need to move fast.
- Supportive Tools: A&D Mortgage offers various tools to help borrowers, such as a loan calculator and broker support.
A&D Mortgage stands out in the industry by focusing on the unique needs of self-employed individuals, ensuring they have access to the financing they need.
In summary, A&D Mortgage is a strong option for self-employed borrowers looking for flexible and accessible mortgage solutions.
8. Caliber Home Loans
Caliber Home Loans is a strong choice for self-employed borrowers looking for flexible mortgage options. They understand the unique challenges that self-employed individuals face. With a variety of loan programs, Caliber can help many types of borrowers. Here are some key features of Caliber Home Loans:
- Wide Range of Loan Options: They offer conventional, FHA, and VA loans.
- Flexible Documentation: Self-employed borrowers can often use alternative documentation to qualify.
- Strong Customer Support: Their team is known for providing excellent service throughout the mortgage process.
| Loan Type | Features |
|---|---|
| Conventional | Standard loans with competitive rates |
| FHA | Lower down payment options |
| VA | Special loans for veterans |
Caliber Home Loans aims to make the mortgage process easier for self-employed individuals by offering tailored solutions that fit their needs. They focus on understanding each borrower’s situation to provide the best options available.
Overall, Caliber Home Loans is a reliable lender for self-employed borrowers who want a smooth and supportive mortgage experience. They are committed to helping clients navigate the complexities of securing a loan, making it a great choice for those in unique financial situations.
9. Guaranteed Rate
Guaranteed Rate, formerly known as Rate, is a nonbank lender based in Chicago. They are dedicated to making the mortgage process simple and smooth for their customers. With a strong focus on customer service and competitive rates, they stand out in the mortgage industry.
Key Features:
- Wide Availability: Loans are offered in all 50 states and Puerto Rico.
- Customer Satisfaction: About 97% of customers would recommend Guaranteed Rate to friends and family.
- Proactive Support: Their unique “Proactive Mortgage Pod” model allows loan officers to work with specialized teams, speeding up the loan process.
Loan Options for Self-Employed Borrowers:
Guaranteed Rate provides various loan options tailored for self-employed individuals, including:
- Non-QM Loans
- Bank Statement Loans
- Specialty Loans for investors and house flippers
Guaranteed Rate aims to make home buying easier for everyone, especially those who are self-employed. They understand the unique challenges these borrowers face and offer solutions to help them succeed.
In summary, Guaranteed Rate is a solid choice for self-employed borrowers looking for a lender that prioritizes customer service and offers a range of loan options. Their commitment to making the mortgage process as easy as possible is evident in their approach and customer feedback.
10. Freedom Mortgage
Freedom Mortgage is a well-known lender that offers a variety of mortgage options, making it a great choice for many borrowers. They provide quick prequalification, which helps self-employed individuals get started on their home-buying journey without a lot of hassle.
Key Features
- Wide range of loan options: Freedom Mortgage offers conventional, FHA, and VA loans.
- No-closing cost refinances: This can save borrowers a significant amount of money.
- Home equity options: Borrowers can tap into their home’s value for cash.
Why Choose Freedom Mortgage?
Freedom Mortgage stands out because they focus on customer service and have a strong reputation in the industry. They regularly update their rates, ensuring that borrowers get competitive offers. Additionally, they have a price match guarantee, which means they will match lower rates from other lenders.
Freedom Mortgage aims to make the mortgage process as smooth as possible for self-employed borrowers, understanding their unique needs.
Important Considerations
- Applicants with a credit score of 670 or above tend to have an easier time qualifying for a better interest rate.
- It’s essential to compare different lenders to find the best deal for your situation.
- Always read the fine print to understand any fees or costs associated with your mortgage.
In summary, Freedom Mortgage is a solid option for self-employed borrowers looking for flexibility and support in their mortgage journey. They offer a variety of products and a commitment to customer satisfaction, making them a top choice in 2024.
11. LoanDepot
LoanDepot is a popular choice for self-employed borrowers looking for flexible mortgage options. They offer a unique mortgage guarantee that waives all lender fees and reimburses appraisal fees on future refinancing. This can be a big help for those who want to save money in the long run.
Key Features
- Low down payment loans
- Quick preapproval process
- Homebuyer rebate option
LoanDepot also provides a variety of loan types, making it easier for self-employed individuals to find the right fit. Here are some of the loan options available:
- Conventional loans
- FHA loans
- VA loans
LoanDepot aims to make the mortgage process as smooth as possible, especially for self-employed borrowers who may face unique challenges.
In summary, LoanDepot stands out for its customer-friendly policies and diverse loan offerings, making it a solid choice for those in the self-employed category. Their commitment to helping borrowers navigate the mortgage landscape is evident in their services.
12. Quicken Loans
Quicken Loans is a well-known lender that offers a variety of mortgage options, making it a great choice for many borrowers. They are particularly friendly to self-employed individuals, providing flexible solutions that can meet unique financial situations.
Key Features
- Fast Online Process: Quicken Loans has a user-friendly online platform that allows borrowers to apply quickly and easily.
- Wide Range of Loan Options: They offer various types of loans, including conventional, FHA, and VA loans.
- Excellent Customer Service: Many customers praise their support team for being helpful and responsive.
Why Choose Quicken Loans?
- Quick Preapproval: Borrowers can get preapproved in a short time, which is crucial in today’s fast-paced market.
- Flexible Income Verification: They understand the challenges self-employed borrowers face, especially regarding self-employed tax brackets.
- Competitive Rates: Quicken Loans often provides rates that are in line with or better than the market average.
Quicken Loans aims to simplify the mortgage process, ensuring that self-employed borrowers can navigate their options with ease.
In summary, Quicken Loans stands out for its commitment to customer satisfaction and its ability to cater to the needs of self-employed individuals. With a strong online presence and a variety of loan products, they are a solid choice for those looking to secure a mortgage in 2024.
13. Fairway Independent Mortgage
Fairway Independent Mortgage is a strong choice for self-employed borrowers. They offer a variety of loan options that cater specifically to the needs of those who work for themselves. This lender understands the unique challenges self-employed individuals face when applying for a mortgage.
Key Features
- Quick prequalification process
- A range of loans, including construction and professional mortgages
- Flat fees for services
Why Choose Fairway?
Fairway stands out because they provide:
- No-closing cost refinances
- A price match guarantee
- Home equity options for added flexibility
Fairway Independent Mortgage aims to make the mortgage process easier for self-employed borrowers, ensuring they have access to the funds they need to buy a home.
With their commitment to customer service and a variety of loan products, Fairway is a reliable option for those looking to secure a mortgage while managing the complexities of self-employment. They truly understand the financial landscape for self-employed individuals, making them a top contender in the mortgage lending space.
14. Movement Mortgage
Movement Mortgage is a well-known lender that focuses on making the mortgage process easier for everyone, especially for self-employed borrowers. They offer a variety of loan options that cater to different needs.
Key Features of Movement Mortgage:
- Fast Processing: Movement Mortgage is known for its quick processing times, often closing loans faster than many competitors.
- Wide Range of Products: They provide various mortgage options, including conventional, FHA, and VA loans.
- Customer Support: Their customer service is highly rated, ensuring borrowers get the help they need throughout the process.
Why Choose Movement Mortgage?
- Speed: They aim to close loans quickly, which is great for those who need to move fast.
- Flexibility: Their loan options are designed to meet the needs of different borrowers, including those who are self-employed.
- Support: They provide excellent customer service, making the mortgage journey smoother.
Movement Mortgage is dedicated to helping self-employed individuals find the right mortgage solutions, making homeownership more accessible.
In summary, Movement Mortgage stands out for its commitment to speed, flexibility, and customer support, making it a solid choice for self-employed borrowers looking for a mortgage.
15. Flagstar Bank
Flagstar Bank is a strong choice for self-employed borrowers looking for flexible mortgage options. They offer a variety of home loan types, including conventional, jumbo, construction, and government-backed loans. This variety makes it easier for borrowers to find a loan that fits their needs.
Key Features
- Branches and online services: Flagstar has both physical branches and online options, making it convenient for customers.
- Down payment assistance: They provide programs to help with down payments, which can be a big help for many buyers.
- No fees on refinances: Some customers can refinance without paying extra fees, which can save money in the long run.
Why Choose Flagstar Bank?
- They have a strong reputation for customer service.
- Their mortgage options are designed to meet the needs of self-employed individuals.
- They offer competitive rates and terms.
Flagstar Bank is known for its flexibility and customer support, making it a top choice for self-employed borrowers.
In summary, Flagstar Bank stands out for its wide range of mortgage options and helpful services. Whether you are looking to buy a new home or refinance, they have something to offer that can meet your needs.
16. Citibank
Citibank is a well-known name in the banking world, and it offers various mortgage options for self-employed borrowers. They provide flexible solutions that can cater to different financial situations.
Key Features of Citibank Mortgages
- Wide Range of Loan Options: Citibank offers various mortgage types, including fixed-rate and adjustable-rate mortgages.
- Online and In-Person Services: Borrowers can choose to apply online or visit a local branch for assistance.
- Down Payment Assistance: They provide programs to help with down payments, making homeownership more accessible.
Pros and Cons
| Pros | Cons |
|---|---|
| Flexible loan terms | May have higher fees |
| Good customer service | Limited options for bad credit |
| Strong online tools | Not all branches offer mortgage services |
Citibank aims to make the mortgage process easier for self-employed individuals by offering tailored solutions that fit their unique needs.
17. Wells Fargo
Wells Fargo is a well-known name in the mortgage industry. They offer a variety of loan options that can be helpful for self-employed borrowers. Their services are designed to meet different financial needs.
Key Features:
- Wide Range of Loan Options: Wells Fargo provides various types of mortgages, including conventional, FHA, and VA loans.
- Online and In-Person Services: Borrowers can choose to apply online or visit a local branch for assistance.
- Down Payment Assistance: They offer programs to help with down payments, making it easier for many to qualify.
Pros and Cons:
| Pros | Cons |
|---|---|
| Strong customer service | Higher fees compared to some lenders |
| Flexible loan terms | May require more documentation for self-employed borrowers |
| Established reputation | Limited options for bad credit borrowers |
Wells Fargo aims to provide a smooth mortgage process, especially for those who are self-employed. They understand the unique challenges these borrowers face and strive to offer tailored solutions.
18. Chase
Chase is a well-known bank that offers a variety of mortgage options for self-employed borrowers. They understand the unique challenges that come with self-employment. This makes them a solid choice for those looking to secure a mortgage.
Key Features of Chase Mortgages
- Flexible options: Chase provides various mortgage types, including fixed-rate and adjustable-rate mortgages.
- Online tools: They offer helpful online calculators to estimate monthly payments and affordability.
- Down payment assistance: Some programs are available to help with down payments, making it easier for self-employed individuals to qualify.
Why Choose Chase?
- Strong reputation: Chase is one of the largest banks in the U.S., known for its reliability.
- Customer support: They provide excellent customer service, which is crucial for navigating the mortgage process.
- Variety of products: From conventional loans to FHA loans, they have options that cater to different needs.
Chase aims to make the mortgage process as smooth as possible for self-employed borrowers. They offer resources and support to help clients understand their options.
For self-employed individuals, it’s important to know that Chase respects privacy. They have a clear policy on how they handle personal information, ensuring that users can opt-out of the sale or sharing of their data. This commitment to transparency is vital for borrowers who want to feel secure in their financial decisions.
In summary, Chase stands out as a strong contender for self-employed borrowers looking for a mortgage. With their range of options and commitment to customer service, they can help make homeownership a reality for many.
19. US Bank
US Bank is a solid choice for self-employed borrowers looking for flexible mortgage options. They offer a variety of loan types that cater to different financial situations. Here are some key features of US Bank:
- Low down payment options: Borrowers can find loans with down payments as low as 3%.
- Quick preapproval process: This helps borrowers know how much they can afford before house hunting.
- No hidden fees: Transparency is key, and US Bank prides itself on not having surprise costs.
Key Benefits
- Wide range of mortgage products: From conventional loans to FHA and VA loans, US Bank has something for everyone.
- Online tools: Their website offers calculators and resources to help borrowers make informed decisions.
- Strong customer service: US Bank is known for its helpful representatives who guide borrowers through the process.
US Bank aims to make the mortgage process easier for self-employed individuals, ensuring they have access to the funds they need.
Overall, US Bank stands out as a reliable lender for self-employed borrowers, providing options that fit various lifestyles and financial needs. Their commitment to customer service and transparency makes them a top choice in the mortgage market.
20. PNC Bank
PNC Bank is a solid choice for self-employed borrowers looking for flexible mortgage options. They understand the unique challenges that come with self-employment. Here are some key features of PNC Bank’s mortgage offerings:
- Flexible documentation requirements: Self-employed individuals may not need to provide extensive paperwork.
- Variety of loan options: PNC offers different types of loans, including fixed-rate and adjustable-rate mortgages.
- Online tools: Borrowers can easily manage their applications and track their progress online.
Key Benefits of PNC Bank
- Quick preapproval process: This helps borrowers know how much they can afford.
- Down payment assistance: PNC offers programs to help with down payments, making homeownership more accessible.
- Customer support: Their team is available to guide borrowers through the mortgage process.
PNC Bank aims to make the mortgage process easier for self-employed individuals, ensuring they have the support they need to secure their loans.
21. Regions Bank
Regions Bank is a solid choice for self-employed borrowers looking for mortgage options. They offer a variety of loans that can cater to different needs. One of the standout features is their low-down payment loans, which can make home buying more accessible.
Key Features
- Quick preapproval process, allowing borrowers to know their options faster.
- Homebuyer rebate option, which can help save money on closing costs.
- A range of loan types, including conventional and government-backed loans.
Regions Bank understands that self-employed individuals may have unique financial situations. They often require different documentation compared to traditional borrowers. For example, they may ask for tax returns and profit-and-loss statements to assess income.
Regions Bank aims to make the mortgage process smoother for self-employed borrowers by providing clear guidance on what documents are needed.
Important Considerations
- Be prepared to provide detailed financial records.
- Understand the tax forms required for self-employment, as this can impact loan approval.
- Check for any specific programs that may assist self-employed individuals.
Overall, Regions Bank is a reliable option for self-employed borrowers, offering flexibility and support throughout the mortgage process.
22. BB&T
BB&T, now part of Truist, is a solid choice for self-employed borrowers looking for flexible mortgage options. They offer a variety of loan types that cater to different financial situations, making it easier for self-employed individuals to secure a mortgage.
Key Features
- Low-down payment loans: BB&T provides options that allow borrowers to put down as little as 3%.
- Quick preapproval: The process is streamlined, helping borrowers get approved faster.
- Homebuyer rebate option: This can help reduce overall costs for eligible borrowers.
Why Choose BB&T?
- Diverse loan options: They offer various mortgage products, including conventional and government-backed loans.
- Support for self-employed borrowers: BB&T understands the unique needs of self-employed individuals and offers tailored solutions.
- No fees on refinances for some customers: This can save money for those looking to refinance their existing loans.
BB&T is known for its customer service and commitment to helping borrowers find the right mortgage solution.
Overall, BB&T stands out as a reliable lender for self-employed borrowers, especially those looking for low- and no-down-payment options. Their flexible terms and supportive services make them a top choice in 2024.
23. SunTrust
SunTrust is a solid choice for self-employed borrowers looking for flexible mortgage options. They offer a variety of loan types that cater to different financial situations. Here are some key features of SunTrust mortgages:
- Branches and Online Access: Borrowers can choose to apply online or visit a local branch for assistance.
- Down Payment Assistance: SunTrust provides programs to help with down payments, making homeownership more accessible.
- No Fees on Refinances: Some customers can refinance without paying extra fees, which can save money in the long run.
Key Benefits of Choosing SunTrust
- Flexible Loan Options: SunTrust offers various mortgage products, including conventional and government-backed loans.
- Support for Self-Employed Borrowers: They understand the unique needs of self-employed individuals and provide tailored solutions.
- Customer Service: SunTrust is known for its helpful customer service, guiding borrowers through the mortgage process.
SunTrust aims to make the mortgage process easier for self-employed borrowers by offering personalized support and a range of options.
24. KeyBank
KeyBank is a solid choice for self-employed borrowers looking for flexible mortgage options. They offer a variety of loan types that cater to different financial situations. Here are some key features of KeyBank’s mortgage offerings:
- Low-down payment loans: This makes it easier for borrowers to get into their new homes without a huge upfront cost.
- Quick preapproval: Self-employed individuals can benefit from a fast preapproval process, helping them know their budget sooner.
- Homebuyer rebate option: This unique feature can provide cash back to help with closing costs.
Why Choose KeyBank?
KeyBank stands out for several reasons:
- Diverse loan options: They provide various mortgage products, including conventional, FHA, and VA loans.
- Customer service: Many borrowers report positive experiences with their loan officers, making the process smoother.
- Online tools: Their website offers helpful resources for self-employed borrowers to understand their options better.
KeyBank is known for its commitment to helping self-employed borrowers navigate the mortgage process effectively.
In summary, KeyBank is a strong contender for self-employed individuals seeking a mortgage in 2024. With their flexible options and supportive customer service, they can help make homeownership a reality for many. Best mortgage lenders like KeyBank are essential for first-time homebuyers looking to secure financing.
25. Fifth Third Bank and more
Fifth Third Bank is a solid choice for self-employed borrowers looking for mortgage options. They offer a variety of loans that cater to different needs, making it easier for individuals to find the right fit. Here are some key features:
- Branches and online services: Customers can choose to visit a branch or manage their mortgage online.
- Down payment assistance: They provide programs to help with down payments, which can be a big help for many borrowers.
- No fees on refinances: Some customers may benefit from no fees when refinancing their loans.
Key Benefits of Fifth Third Bank
- Flexible loan options: They offer various types of mortgages, including conventional and FHA loans.
- Strong customer service: Many users report positive experiences with their support team.
- User-friendly online tools: Their website has helpful resources for managing loans and understanding mortgage options.
Fifth Third Bank aims to make the mortgage process easier for self-employed individuals, ensuring they have access to the resources they need.
In addition to Fifth Third Bank, there are many other lenders that cater to self-employed borrowers. It’s important to compare options to find the best fit for individual financial situations. Understanding the terms and conditions of each lender can help borrowers make informed decisions.
Final Thoughts on Securing a Mortgage as a Self-Employed Borrower
In conclusion, finding the right mortgage lender as a self-employed person can be challenging, but it’s definitely possible. Many lenders now understand the unique needs of self-employed individuals and offer flexible options to help you secure a mortgage. Remember to compare different lenders, look for competitive rates, and gather all necessary documents to make your application smoother. With the right preparation and research, you can achieve your dream of homeownership, even without a traditional job.
Frequently Asked Questions
Do I need perfect credit to get a mortgage as a self-employed person?
While having good credit helps, some lenders work with those who don’t have perfect scores.
How long must I be self-employed to qualify for a mortgage?
Most lenders like to see at least two years of self-employment, but some may accept less.
Will I need a bigger down payment because I’m self-employed?
Not usually. Down payment amounts for self-employed borrowers are often similar to those for regular jobs.
What documents do I need to apply for a self-employed mortgage?
You’ll need tax returns, bank statements, and possibly profit and loss statements to show your income.
Can I get a loan if my income changes often?
Yes, some lenders offer flexible options for those with changing incomes.
Are there special loans for self-employed individuals?
Yes, there are loans specifically designed for self-employed people that consider different income proofs.