The Lowdown on Self Employed Loans...

Why a Self Employed Loan?

Freelance workers can be eligible for a personal loan if they can demonstrate proof of income. Additionally, it may be beneficial for them to obtain a certificate of employment from their current client or clients, if feasible.

Even as a self-employed individual, qualifying for a personal loan or another form of financing is indeed possible. The crucial factor is being able to illustrate to lenders that your annual income is both consistent and sufficient to cover loan repayments. This assurance will instill confidence in lenders regarding your ability to make timely monthly payments.

Can I get a loan just using my bank statement?

Yes, self-employed borrowers can get a mortgage loan just using their bank statements. 

• Your business must be active for at least 12 consecutive months.
• 12 Month CPA / Tax Prepared P&L Accepted
• Corporations and LLCs Accepted for Investment Properties
• Your most recent 2 years of employment (including salaried work and other forms of  income in the same line of work) must be verified.
• Having a good credit score and reliable income helps.
• Down payment requirement are flexible

Brief Overview on Personal Loans

A Bank statement loan is a non-qualified mortgage loan that allows self-employed borrowers to seek a home loan without showing net income on tax returns or pay stubs. We look at your non-traditional income over 12 or 24 months using bank statements. 

At Dane Residential Mortgage Inc.  We have the experience and understanding to assist with those unique circumstances and get you into your dream home.