New Jersey and New York Self Employed Mortgage

Solutions Outside The Box

Self-Employed Mortgage Applications

We understand Self-employed individuals might need mortgage solutions if they understate their income for a few reasons:

  • Tax Liability: To reduce their tax burden, some may report lower income than actually earned.  This can help minimize the amount owed to tax authorities
  • Qualifying for Loans: When applying for loans or mortgages, understated income can sometimes make it easier to qualify for lower amounts, especially if the applicant fears rejection due to high income fluctuations. 
  • Expense Deductions: Self-Employed often have various business expenses.  In some cases, they might exaggerate expenses to offset income, leading to a lower reported profit.
  • Cash Payments: Many self-employed individuals receive cash payments that may not be report for tax purposes, further complicating income transparency.
  • Financial Management: Some may not have a clear understanding of how to properly document and report their income, leading to unintentional understatement.
  • We will recognize certain crypto assets when you apply for a mortgage. This means you can use your eligible crypto holdings when verifying assets or estimating income to help you qualify for a mortgage without having to liquidate.

Alternative Mortgage Loans For Business Owners

These loans function like a traditional loan, offering fixed interest rates with terms up to 30 years while offering simplified guidelines.  Instead of focusing on standard income and credit documentation, these loans take a more personalized approach, often considering:

Bank Statement Program

Alternative income documentation methods like using bank statements instead of requiring tax returns to verify income.

Asset Depletion Program

Asset-based qualification methods allowing you to leverage retirement assets and savings to supplement or replace income

P&L Only Program

CPA/Accountant prepared 12 month P&L, no W2, no tax returns up to 80 Loan To Value

These programs also allow for flexible credit requirements including allowances for lower credit scores, bankruptcies or foreclosures and thin to no credit profiles.  And the ability to accommodate higher debt-to-income ratios

To learn how we may be able to help you finance your home loan, call telephone 908-722-9217 or complete the on-line inquiry or application form. 

Apply Now!