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 like VA or FHA loan, 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 :

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 620.

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%.

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Are you ready to apply? Start the process by completing the form below.

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