Getting a mortgage while self-employed can be a challenge.

September 28, 2022

If you are a self-employed borrower looking to purchase a home, there are loan options for you that don't require tax returns in the qualification process. Angel Oak's SVP and Regional Manager Mac Cregger explains the advantages of Bank Statement loans and the various options available to you in Business Insider.

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Self-employed borrowers have the same loan options as traditionally employed people. The thing to keep in mind is that government- and agency-backed mortgages will require tax returns, so if your taxable income is too low to meet the loan's requirements (or qualify you for a large enough loan), you'll need to look at a non-QM loan.

One popular non-QM option is the bank statement loan, which uses only bank statements — not your tax returns — to assess your income.

"Self-employed borrowers with good to excellent credit, large down payments, and the income to afford a higher-priced home are oftentimes turned away from their bank or other financial institution simply because they can't qualify using tax returns and that lender does not have another loan option to help them," says Mac Cregger, a senior vice president and regional manager at Angel Oak Home Loans, a non-QM lender. "That same borrower can qualify very easily and quickly with a bank statement loan."

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