Mortgage Loans for the Self-Employed

Mortgage loans for the self-employed can be very difficult to get. Recently, the no document loan was a great way around this problem, but the program was seriously abused and is all but gone these days. Why? Well, people were making any old claim regarding their income since they didn’t have to prove anything. This ultimately resulted in problems when loans started going bad and the lenders figured out a lot of people really weren’t making $250,000 a year! So, what can you do now? Well, you are going to have to submit a ton of documentation to prove your situation. If you still are rejected, try going to the bank where you keep the business accounts. They know what you make and have a history to look at. If they will not write you a loan, take your business banking elsewhere to a bank that will.