Florida First time home buyer

Are you trying to qualify for a mortgage but are having a hard time due to being self-employed?

Many self-employed home buyers cannot show proof of their income with tax returns, making it impossible to obtain a home loan, BUT there is now an option for entrepreneurs; a self-employed home loan.

The self-employed home loan program is made for entrepreneurs. It allows entrepreneurs to get a mortgage without having to provide tax returns.

Why can’t self-employed individuals qualify for a normal mortgage?

Individuals who are self-employed often have income on their tax returns adjusted for business write-offs and deductions.

For Conventional and Government mortgages, the income calculation is pretty straightforward. Underwriters will use the income after the write-offs and deductions, which usually doesn’t reflect the actual income.

With this self-employed mortgage, you can use your full income before the adjustments. This can help you get a home loan that you otherwise wouldn’t be able to.

Here is how the self-employed loan works

Instead of using your tax returns to verify income, we will use your bank statements.

The deposits from each statement are reviewed, and we base your income on the total qualifying deposits each month.

This is a good option if you work for yourself, own a business, or don’t have a steady income.

How many business bank statements are required?

We would like to review :

  • 24 months of business bank statements

However, if you only been in business for 1 year, then 12 months will be acceptable.

What type of credit score is needed for the self-employed loan?

Coole Home requires a minimum credit score of 600.

Self Employed Loan Down Payment Requirement

Since this loan program is riskier than a typical conventional loan, we require a down payment of at least 10%.

  • Are you looking to buy or refinance a home?
  • What is your price range?
  • Do you currently own a home?
  • What type of property are you buying?
  • When are you planning to make your home purchase?
  • Have you (or your spouse) ever served in the US military?
  • Have you declared bankruptcy in the past 7 years?
  • Is this your first time purchasing a home?
  • What is your current credit score?
  • What is your email address?
  • What is your name?
  • What is your phone number?

Want to know what the mortgage payment includes on a condo? We did a mortgage breakdown on a condo.


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