Bank statements, 1099s or assets: three ways to show self-employed income
When your tax returns do not show what you earn, a bank statement, 1099 or asset-based loan may fit. How each one works and how to choose.
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Insights
Plain answers on down payment help, investor loans, self-employed income and what moves mortgage rates. Written by Robert Shamie, with every source named and dated.
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Latest articles
Six myths about down payment assistance
It is not free money, it is not only for first-time buyers, and many programs have no income limit. What is actually true about down payment help.
Read the articleDSCR loans explained: financing a rental on its rent
A DSCR loan is based on a rental property's own rent instead of your personal income. How the ratio works, what is still checked, and who it suits.
Read the articleFinancing a five to ten unit building or a small mixed-use property
Small apartment buildings and mixed-use buildings can be financed on their rent. Why five units changes the rules, and what lenders look at.
Read the articleForgivable or repayable: the two kinds of down payment assistance
Some down payment assistance is forgiven after you meet its conditions; some is paid back monthly or when you sell. How each works and how to compare them.
Read the articleHow down payment assistance works with an FHA loan
Down payment assistance is usually a second loan signed at the same closing as your FHA mortgage. How it works, who offers it and what to ask.
Read the articleBuying a rental in an LLC: what business purpose means for your loan
You can hold a rental in an LLC and still finance it, but the company does not take you out of the picture. What business purpose means and what lenders ask for.
Read the articleSelf-employed? The documents to gather before you apply for a mortgage
A practical checklist for self-employed borrowers: what almost every lender asks for, what each income route adds, and habits that keep the file moving.
Read the articleWhat moves mortgage rates: the 10-year Treasury and mortgage bonds
Mortgage rates follow the bond market more than the Fed. How mortgage-backed securities, the 10-year Treasury and the spread between them set the rates lenders offer.
Read the articleWhat the Fed does, and does not do, to mortgage rates
The Fed sets a short-term rate between banks, not mortgage rates. How its decisions and its holdings of mortgage bonds reach the rate on a home loan.
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