Potential Program Options
01
Bank Statement Loans
- Designed for self-employed individuals who might not qualify under traditional loan programs due to the way they report income and expenses.
- Income is verified through 12 to 24 months of bank statements instead of traditional income documentation.
02
Non-Qualified Mortgage (Non-QM) Loans
- These loans do not meet the standards for qualification under the Consumer Financial Protection Bureau but are ideal for self-employed individuals with non-traditional income streams.
- Lenders may use alternative methods to verify income, such as asset depletion loans or profit and loss statements from the borrower’s business.
03
Asset Depletion Loans
- Income is calculated based on the borrower’s liquid assets divided over a certain period.
- Suitable for self-employed borrowers who may not show a consistent income stream but have significant assets.
04
Interest-Only Loans
- Borrowers pay only the interest on the loan for a set period, after which they start paying both interest and principal.
- This can be beneficial for self-employed individuals during periods when income might be lower, allowing more flexibility.
