Mortgages for the Self Employed

It can be more difficult for self-employed borrowers to prove their income than those who are paid by their employer. When it comes to qualifying a self-employed borrower, lenders needed a simpler, faster way to underwrite income. When determining a self-employed borrowers’ income, Stockton takes the time to use bank statements. It works this way: a Stockton employee looks through the provided bank statements, which could be from a personal or business account, and adds together the amount of each deposit made over the course of a calendar year. Then that total is divided by 12 to arrive at a monthly income.

By using this method to calculate monthly income, Stockton Mortgage has been able to assist many self-employed borrowers to purchase homes ranging from $100,000 into the millions (a maximum loan amount of $2,500,000). If you are self-employed and would like to discuss these options further, please contact a mortgage banker in your area.

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